Client Wins

Every week we share three stories about how homebuyers and homeowners are achieving their goals with AEM as their partner. Click below to read more.

A couple with two kids wanted to purchase their first home and hoped they could move in before the holidays. Since both were veterans, they wanted to take advantage of their deserved VA benefits (such as 0% down financing), but were concerned how it would work since they were not married. We explained that the process involved a separate approval called a Certificate of Commitment, but assured them it could be done by working directly with the Veterans Administration underwriter. After we approved their loan, the appraisal came back nearly $6,000 under the purchase price, and they didn’t have funds to make up the difference in cost. We made an appeal by explaining recent repair work to the property. The appraiser revisited the valuation and adjusted the value to account for the recent improvements. Clients went from being on pins and needles to pinning ornaments on Christmas tree pine needles in their new home!

While engaged in a tough custody battle for their 3 year old grandson, a veteran and his wife approached us to help find the perfect place to raise him in. After previously being denied financing, we spent over a year educating and advising them on what exact debts to pay down to put them in a position to purchase with a 0% down VA loan. While working on their finances, their legal battle for their grandson lingered, and they needed to see it through to use state funding to cover their closing costs. Fast forward one year, they had paid down their debts, saved more and lowered their debt to qualify. After the court settled, we proceeded with their loan, and they too could finally settle their family quest, but this time comfortably into their new home.

Clients came to us wanting to get pre-approved, but were unsure what to do with their current home and mortgage. We went over their options for refinancing and selling, but moving into a new home was their ultimate preference. They were unsure if they’d qualify for a new loan because they had over $30k in debts and high monthly interest payments. We ran the numbers and told them they had enough equity to sell their current home and could use those proceeds to cover their new down payment and pay off their hefty credit card debt. This gave them the confidence to put their home on the market. Meanwhile, we approved them upfront for their new purchase so they could write cash-like offers on new homes. They beat out multiple buyers to secure the deal and closed on their new home in under 25 days.

Last year a couple bought what they thought would be their retirement home and final real estate investment. But they soon realized they were misinformed about the mortgage they got. They wanted to buy again, but needed planning advice and not just a loan transaction. They met us and we went over different loan programs that aligned with their budget and long-term goals. We pre-approved them assuming a sale of their current residence while purchasing the new home. Since their transaction was dependent on their home selling, we were the communication hub to ensure all parties and deadlines were aligned. After the two properties sold, the buyers said the photo finish was by far the best service and experience they had in all their home buying years.

Discouraged by rising monthly rents, two eager home buyers got into contract on their first home after being pre-approved by another lender. But shortly after, the lender said they had inadequate work history that disqualified them. With just 20 days left to perform and high risk of losing their deposit, we quickly stepped in. We found the other lender’s oversight right away: while the borrower did not have two years on his current job, he did have two years of grad school under his belt. And since his degree was in the same field as his current profession, we could use it to help qualify for their low down FHA loan. By vetting everything up front, we were able to quickly close on time without hiccups – protecting the client’s deposit and fulfilling their goal of owning a home with a fixed long-term monthly payment.

Clients were working with another lender who miscalculated their debt and income, and things went awry. The lender had the buyers pay off $40k in debt and then were told they’d need to bring in an additional $25k at closing. But since they already spent thousands toward debt payoff, they didn’t have more cash on hand and couldn’t close the loan. At risk of losing their new home, they were referred to us to find a solution. We told them by renting out and refinancing their departing condo they could take out $60k from that loan to help offset the debts they’d paid off plus use $20k for their new down payment. This strategy fixed the other lender’s mistakes, replenished their savings, and most important: got them into their newer, larger home!

A new client referred by her Realtor immediately got into contract a property. She already owned a much larger home with her husband and because he worked half of the year abroad, she wanted to downsize and move to a better neighborhood. Because she’d still retain her departing home, we educated her about using future rental income for qualifying and educated our underwriter about the borrower’s intent to occupy her new home. Her husband was not on the loan due to income restrictions, but we still needed him to sign a deed to release his obligations from the mortgage. He only had a short window of time sign, notarize and send back the deed but even though he was thousands of miles away we ensured it all aligned with our closing time frame and met our deadline of just 12 days!

A buyer came to us wanting to keep 2 of the 8 town homes he was building, but was having difficulty obtaining jumbo financing because of restrictions on newly constructed properties. Other lenders used the cost of acquisition as opposed to the homes’ actual appraised values, which lowered his loan amount, and increased his rate and payment. Frustrated, he left them and then was referred to us. We explained the nuances of newly constructed homes and discussed how we could use the actual appraised value of his $1.2 million properties. We also structured loans to recoup his building costs which helped him pay no out of pocket costs and allowed him to pay off existing construction loans. This lowered his rates and payments and gave him a long-term savings of $1,600 a month per unit!

After 2.5 years of ground up home renovations, a husband and wife were on the verge of finally moving into what they thought would be their dream home for the next 30 years. Then they realized that their actual dream home had just come on the market. They had just invested so much money into their home remodel and didn’t want to put it to waste so their Realtor referred them to us to get some advice on getting pre-approved quickly. Since they did not have a mortgage on their departing residence, they opted to leave their equity untouched, and we told them they could qualify for a new mortgage without renting out or selling their current home. We learned they had multiple trust accounts already in place and we discussed accessing those funds for their down payment instead of adding any additional debt. Once we pre-approved them and setup their trust accounts for their down payment, they made an offer and a month later they were relaxing in their true dream home.

A former serviceman was racking up debt while in school and wanted to buy a home for his family, but was unsure if about qualifying because of previous financial hardships, low credit, and unstable job history. We met with him and laid out a plan to help him purchase a home by the end of the year, including steps to rebuild his credit, and guidance on how we’d document his work history once he found a new job. Nine months later, his credit score rose 30 points, and he’d rebuilt a stable work history. We then approved him for a 0% down VA loan using six months job history plus a detailed letter describing his prior work experience. When he was approved, this tough and proud marine was so overjoyed he couldn’t even speak and shed tears of joy. Actions do speak louder than words, and it is our great honor to serve those who serve us, and enable them build the future they deserve.

New clients relocating from out of state were originally working with a large bank, but shortly after receiving an approval on their 15% down $1.4 million home, the lender threw them a curve ball and declined their loan. They had just removed all contingencies, making them at risk of losing their deposit, but fortunately there was a backup offer and they were able to get out of the deal unscathed. They came to us to look for another home, but were nervous about committing to another large down payment. We discussed their options and recommended an equity sharing program that gave them two advantages: it increased their buying power up to $1.6 million and decreased the amount they’d need to put down to just 10%. Because this program offered the benefits of a 20% down payment (with only 10% from them), this gave them the luxury of purchasing a much nicer home, preserved their cash, and kept their new monthly payment within their budget.

A client owned several rental properties and wanted our advice on maximizing buying power on a new rental. We analyzed his tax returns and advised selling his duplex to fund a down payment of nearly 40% using a 1031 exchange to defer capital gains on the sale. Instead of just relying on the typical two years of taxes to document rental income, we were able to use 25% of the monthly rents on a home he’d renovated (but kept vacant for 9 months) by providing a copy of the current lease agreement and rental history. This gave him the extra income needed to qualify, kept his loan amount below a jumbo which kept his rate lower, and overall the deal repositioned his investment strategy with more income and higher-quality assets.

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