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