• Janesville Mortgage Purchase Success Story : Bethie

    31 Mar 2015

  • I recently had the opportunity to work on a Janesville Mortgage Home Loan for Bethie.  Bethie is a single mother of two that recently inherited a sizable amount of money and wanted to purchase a modest home for her and her children.  Her goal for many years was to be able to give her teen-aged girls a place that they could call home.  She was living in an apartment in the Janesville area and was interested in a small home she found on an internet website aimed at for sale by owners.  She found my Janesville Mortgage website at Janesville.Wi-Mortgage.com and promptly called me.

    The entire process lasted a little over 2 months as she had to wait for a few legal issues due to the inheritance.  In addition, Bethie did have a few credit and income issues that she was previously aware of.  While we waited for the inheritance issues to work themselves out, I went to work on clearing up the credit issues.  These were not terribly huge deterrents, but it was important to fix them.  She had a few doctor bills that had made their way to collections.  Knowing that she would have some money to clear these up, I advised Bethie to contact the collection agency and make arrangements to get them paid.  I also instructed her to have the collection company send a letter stating that the accounts had a zero balance.  When we received the letters, I had Bethie contact the credit bureaus to update her credit profile.  Clearing up these credit issues took a little over 1 month while we waited on the results.  After cleaning up the credit, we could get her approved for her Janesville Mortgage.

    The timing was perfect as the funds from the inheritance became available shortly before the credit report was updated.  At this point I was able to determine that I could now qualify Bethie for the purchase of the Janesville Home she had wanted.  We scheduled an appointment at her apartment in Milton and we discussed the initial loan disclosures.  I discussed the Janesville Mortgage FHA guidelines with her to make sure she understood exactly what needed to be done to qualify.

    Prior to meeting with Bethie at her apartment, I requested that she have documentation ready for me to submit to our Janesville Mortgage underwriters.  I wanted to make sure that she understood the importance of having everything ready.  The Janesville house she wanted to purchase was a For Sale By Owner (FSBO) property.  Bethie had already looked at the home and had a signed Offer To Purchase.  I told Bethie that I needed the following documents to begin processing her new Janesville Mortgage:

    • Offer To Purchase contract (signed by buyer and seller)
    • 30 Days Paystubs (employer information)
    • 2 Most Recent Income Tax Returns (w2s and 1040s with all schedules)
    • 12 Months of Bank Statements (helps verify timely rental payments)
    • Paperwork regarding the inheritance to source the down payment
    • Copy of the Social Security Card & Driver’s License
    • Statement for any and all open loans
    • Child Support Documentation & Divorce Decree
    • All of the Letters of Zero Balance from Collection Companies

    I did advise Bethie that there would be some out of pocket expenses that would need to be paid.  I told her that she would need to contact an insurance company to purchase home owner’s insurance.  She asked me how to do that and I told her to contact her insurance agent on her car insurance and they would probably be able to help.  In addition, she was going to have to pay for the appraisal up front to the appraisal management company.  She may also want to get a home inspection that would be an in-depth report of the condition and facts about the new house.

    After she contacted the homeowner and the appraisal was ordered, we had all of the required documentation.  As soon as the appraisal report came in, I submitted the entire file into underwriting.  We were able to get a one-touch loan approval on the purchase of her new Janesville Mortgage.  We were able to save a tremendous amount of time by being proactive from the outset.  Paying the collections off and updating the credit bureau resulted in a 71 point improvement on her credit score.  The bank statements verified the rental history.  Having the documentation for the inheritance was vital because it alleviated any concern of where the down payment came from.

    We closed on her Janesville Mortgage in just over two months.  This was a very happy time for me, Bethie, and her two girls.  Since we closed on this purchase in January, I have received 6 referrals from Bethie’s co-workers.  I would say that she was happy with WI-Mortgage.com!

    Many Janesville Mortgage Companies say they offer the lowest mortgage interest rates but only WI-Mortgage.com comes through on the promise of low Janesville Mortgage Interest Rates with Speedy Closings (sometimes as little as 14 days!)  Your Janesville Home Loan Lender offers lending services that makes it easy for you to obtain financing for purchasing properties in Wisconsin as well as refinancing your existing Janesville Mortgage.  If you are ready for a no-obligation FREE financial analysis with your personalized Mortgage Interest Rate Quote, please contact my office at (855) 712-3113.  You can apply HERE.  Sign up for our newsletter and we will provide you with Janesville Mortgage updates and helpful Mortgage Lending Trends and News.

    You may now be eligible for our Janesville FHA Mortgage Interest Rate Reduction Program.  If you qualify for this FHA Janesville Mortgage Product, we may not require income documentation or an appraisal report to modify your existing Janesville Home Loan.  Qualified Janesville Mortgage Applicants will be able to lower their existing Interest Rate and Mortgage Payment if reasonable conditions are satisfied.  Call my Mortgage Office at (855) 712-3113 to see if you qualify for this Janesville FHA exclusive program.  Only qualified Janesville Mortgage Companies have access to this FHA loan product.  Call Today or apply HERE before this exclusive FHA Mortgage Loan Product goes away!