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Multiple Sources for Loans Necessary

In the last few weeks, we have been referred loans by major retail banks, mortgage banks and other brokers because they could not find homes for them. We got a loan from a bank because they could not do an FHA loan for a borrower with a FICO below 640 (we have several lenders that still allow scores as low as 620).

We got a loan from another broker because they do not have a Freddie Mac source. Freddie Mac has different guidelines than Fannie Mae; Freddie allows higher debt ratios and non-occupant co-borrowers, among other things.

We got two loans from a large mortgage bank because they needed: (1) a lender that does not have a 90 day “seasoning” requirement (we have several sources); and (2) hard money sources for a condo purchase in a project that cannot get Fannie Mae or FHA approved.

Our point: Multiple Lending Sources are essential today not just b/c we can shop for the lowest rates; they are essential to enable us to close far more loans than most other lenders.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167