“Some Lenders Plan on Only Doing QM Mortgages”

Here is a news flash: They keep saying that there are fewer real estate sales happening throughout the US. There are many reasons, but what do we do about it?

Here is another news flash: There are many folks out there that want to buy a home but are getting turned down by many of the banks. Many would make really great homeowners. Most have sufficient income and down payments, but not the credit scores.

I have done three mortgage applications this week, all of which have been turned down by banks that have decided not to drop their credit score requirements and choose to follow strict QM guidelines.

I have talked to many of the LO’s that work for these institutions and they are very frustrated as they can’t help these potential buyers and fortunately for us, their clients are being referred to us and we are able to get mortgages to these clients.

I am closing a loan for Rosemary on Friday. I had worked with her for a couple of months, getting her credit scores just above 600. She had been denied for a preapproval, but no one ever discussed working with her to fix some credit issues.

She was paying $1650 rent and her mortgage payment is going to be $1312 she is on cloud 9. She keeps say how elated and thankful she is.

There are many Rosemary’s out there that want to buy homes, but they don’t know that they can. Send me all of the Rosemary’s you know and I will coach them, so they can buy a home.