Bank Turndowns (Volume 9): Are you looking to purchase or invest in a Florida condominium, including a non-warrantable condominium?
If you are looking for financing to purchase or invest in a Florida condominium, be prepared. Condo financing presents unique challenges, particularly in Florida: Compared to single-family homes, the loan approval process is more complex for condos. Essentially, the lender not only has to approve your own creditworthiness as the borrower, but also must ensure […]
Bank Turndowns (Volume 8): Are you looking for a commercial loan for a unique or special-purpose property?
If you are looking for a purchase or investment loan for a commercial property type that is “off the beaten path,” chances are you may have heard these discouraging words from your bank, “Sorry, but we don’t lend for commercial properties of that type.” From the bank’s perspective, it is much riskier to lend for […]
Bank Turndowns (Volume 7): Can you still qualify for a home mortgage loan despite a recent bankruptcy, foreclosure, or other negative credit event?
Perhaps you are interested in purchasing a new home, but you recently went through a bankruptcy, foreclosure, deed-in-lieu of foreclosure, or short sale. You may think that, due to the recent damage to your credit history, it is not possible to qualify for a home mortgage loan However, that is a common misconception. These events […]
Bank Turndowns (Volume 3): What are some creative ways to qualify for a home mortgage loan?
Under the Dodd-Frank Act, mortgage lenders cannot extend a loan unless they first determine that the borrower will have a “reasonable ability to repay the loan.” 26 C.F.R. 1026.43(c)(1). Traditionally, large banks determine “ability to repay” based on a full checklist of documents from the borrower, including income tax returns, pay stubs, W-2s, and credit reports. However, many […]