Just Approved: Jumbo lender allows rental income to qualify
Mortgage broker: Liz Bayer, ProMortgage.
Property type: Single-family ranch in Marin County
Appraised value: $1.425 million.
Loan amount: $815,000.
Loan type: Jumbo 30-year fixed.
A past client approached me to help her buy a new home to accommodate an addition to the family. I had helped her obtain financing on her current home. As is typical in Marin County, she was competing with other offers so she made an offer over the list price and also included a short, 10-day timeframe to remove the loan and appraisal contingency and a 20-day closing date. She did not have her current home listed for sale so we set a strategy to use rental income on her departing residence to help to successfully qualify her income.
Some of the big banks did not allow the use of rental income on the departing residence unless the borrower had two years of experience as a landlord. Fortunately, ProMortgage is not limited to just the big banks and we had another lender in our jumbo quiver of lenders who had a great jumbo 30 year fixed product AND who also allowed us to use rental income WITHOUT landlord experience.
This lender also had excellent turnaround times so we exceeded the contingency deadline of 10 days and were ready to remove all contingencies in eight days and we easily met the 20 day close of escrow.
Liz Bayer, ProMortgage, 415-383-3111, [email protected].