A Santa Clarita mortgage lender can often help clients who would normally be denied a home loan by getting “creative,” according to company officials.
Some might incorrectly make the assumption that they can’t get a mortgage loan for one reason or another, but Dave Cantrell noted that American Family Funding can help.
“When people think about getting a home mortgage or a loan, they think there’s really only one loan to get, and we know that there’s so many different situations and so many different products out there,” Cantrell said. “At American Family Funding, we can be pretty creative when it comes to helping people achieve the American dream.”
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For instance, the Santa Clarita mortgage lender recently helped a woman who was denied a loan by another lender because she didn’t meet certain financial requirements after her amicable divorce.
American Family Funding’s Fred Arnold explained that the woman and her husband had reached an agreement that stated she could continue being a stay-at-home mother to their children and pay bills with funds from a joint checking account where her ex-husband’s paychecks were deposited.
Despite the agreement being in place, the courts had yet to finalize it and the required minimum of six months of “payments” had not yet been made through the joint checking account, according to Arnold.
“There’s two reasons on why the other lender she called couldn’t do (the loan),” Arnold said. “It wasn’t signed off ultimately by the courts, which could take ultimately anywhere from three weeks to three months. Right now with COVID, things are getting backed up — number one. And number two, a lot of the lenders out there require the person receiving family support, child support or alimony to have received it for six months. And so she didn’t have either.”
Rather than turn the woman’s application down, American Family Funding sent it to three portfolio lenders, who were able to see past those missing requirements and instead focus on other important financial factors during the loan approval process.
“They’re putting 20 percent down, they’ve never had a late, ever, … plenty of reserves, selling their home for the betterment of their family, agreements in place,” Arnold said. “The financial institution loved it, and we were able to get them a very low interest rate at minimal cost and everyone’s happy.”
Arnold concluded, “It felt great to get that accomplished, and we have another one just like it that we’re going to get approved in the next week or so, so good example on how we kind of outside-the-box think when it comes to financing for people that deserve to get a loan.”
Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.