The goal of the deal of the month is to provide other agents with info on how to solve a tough scenario. It’s also a great way to showcase a lender option that others might not know exists.
Calling all brokers to submit your juicy deals! Please send your deal scenarios to Shannon at firstname.lastname@example.org
Here’s an example:
Purpose: Purchase – 2nd home
Challenges: 3 Applicants originally, but 2 applicants had massive debts, and they had a 3 week closing when I received application. Clients already had the approval in hand from an alternative lender, and they had reached out to me to see if we can do better. There were 2 appraisals required with one home located in Sauble beach and the other in Stouffville.
Possible solutions: Purchase the home as owner-occupied using the rental offset and drop 2 of the three applicants to ensure the timeline is met. Options for lenders: MCAP (would not qualify) or B2B under our special concierge service.
Solution and why: Two of the borrowers carried all the major debt putting this into an alternative lender space. So we dropped 2 of the 3 borrowers to simplify the application and to ensure we could meet the timeline. Accounted for Borrower 1 current home as non-subject property and used rental offset to allow qualification through mainstream side of mortgages.
Rate: 2.25% – P-0.45%
Credit Score: 734
AM: 30 Year
Product: Using non subject rental offset at 80%, purchased home as an owner occupied residence.
Outcome: Successfully closed on time April 28, 2022…Big shout out to Susie & Mark over at B2B for giving the extra push to make this happen!
Mortgage Agent: Jeffrey Kioussis
Underwriter: Kevin Sankar