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The Client
Our client came to us wanting to purchase a home with 10% down.
- Loan Type – Purchase
- Program – Conventional Fannie Mae
- Sales Price – $220,000
- Rate – 3.875%
- Required Down Payment – 10% ($22,000)
- Payment – $1,236
Client Requirement
The client is a young professional and wants to buy a home at the top end of her range while making sure the new payment fits into her budget. The client made it very clear that they were only able to put down $22,000 on a $220,000 home they wanted to make an offer on. This was a 10% down payment; far from the normal 20% they thought was required.
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Loan Challenges
The only real challenge here was to find a program that would fit the down payment requirements. Aside from the 10% down payment they were able to make on their dream home, the client was in good shape otherwise. Through discussing further with them, we discovered that there were no other avenues of getting to the 20% down payment and were determined to help them in any way possible
The Challenges
- Finding a program that best suited a 10% down payment.
- Shop as many lenders as possible to get the lowest rate to ensure the payment was affordable and would meet the client’s budget.
- Getting the preapproval done quickly so an offer could be made as soon as possible.
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Our Solution
The client had a quick conversation with one of our licensed mortgage advisors who gathered as much information about their situation, and through talking with them found out that there was a loan program that fit their needs exactly. Once the client was pre-approved the same day, they made an offer on their home, it was accepted, and the mortgage process began. Because of the upfront discussion with the client, everyone was prepared for the process and it went extremely well; very little hiccups along the way.
The Results
With access to an abundant selection of different loan options, our client was able to, not only get the home they were looking at, but do so with the just the funds they had available to them. We were able to get them approved fast and had their loan closed within 22 days.
- We found a loan program that catered to a lower down payment to help our client get the home they wanted.
- Client was able to purchase their dream home in under a month.
- The monthly payment ended up being lower than the client anticipated.
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