3,383,334
The one that sticks out the most is a cautionary tale about writing off everything when you are self-employed. Guy walked into our office and wanted to buy a big house. He said he earned the money, owned his own business, blah, blah, blah. When he turned over his last two years of tax returns, his adjusted gross income didn't qualify him for the small house he already owned. He wrote off EVERYTHING, which meant on paper, he made NOTHING. Rough lesson. If you want to be able to claim the income, you need to pay the taxes.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Lyn Sims
Schaumburg, IL
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Bob "RealMan" Timm
Minot, ND
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Brett Johnson
St. George, UT
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Chris Ann Cleland
Gainesville, VA
1,311,397
We had a client who got his qualification and then bought a new car. The new debt disqualified him. He got a loan but it was nip and tuck for a while.
We had another client who qualified based on the wages as shown by pay stubs and W-2. When the underwriter saw his tax return which included depreciation write off for the band in which he played plus other business (band) expenses...he no longer qualified. Again, he got a loan but both of these were learning experienced for us.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Lyn Sims
Schaumburg, IL
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
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Brett Johnson
St. George, UT
2,390,620
I recently posted about a loan officer going out to a nuclear missile site and banging on the gate to get a borrowers signature (click here). Does that qualify Brett Johnson ?
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Brett Johnson
St. George, UT
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Lyn Sims
Schaumburg, IL
5,104,931
I don't. This has been asked before.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Ron and Alexandra Seigel
Carpinteria, CA
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
3,345,091
Many many stories. Success stories are what we all want.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
4,882,355
No, I just refer them to a good lender who I know will help them.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
1,196,798
Not really but my mortgage broker friends do
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
508,318
One time I had a condo listing that we had under contract. The buyer had done all of their inspections and appraisal, but the lender refused to accept the HOA financials, they wouldn't approve the loan. The buyer's agent called me to let me know they were going to cancel. I knew other units had sold in the complex, so I told him before you cancel call Lender X, who just closed one.
They called, put in an application and closed escrow on time, no issues. It wasn't even my client, but it worked.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
1,197,152
Not really anything interesting to report here. Sorry.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
5,583,278
my only help was to convine a builder to hold a second mortgage for the down payment....that was allowed in the 1980's .... the good old days of selling real estate....
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Brett Johnson
St. George, UT
1,844,301
Sure but you really can't put them down here into print. I think that's a breach of privacy.
The largest portion is surprise things that pop up from 10 years ago like medical, etc. Just when you thought they would go away --- whammo! They are supposed to enact something that is supposed to help with this but I think we've been waiting 2-3 years already. A LO might chime in here on that.
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Debe Maxwell, CRS
Charlotte, NC
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
2,220,654
Yes, I refer them to my licensed mortgage broker and they do their thing.
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Anthony Acosta - ALLAT...
Atlanta, GA
1,502,998
Nothing interesting. Thanks for searching and the new question though. I always coach my clients (as do my lenders) to not buy/lease any new cars or get any store or regular credit cards.
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Ron and Alexandra Seigel
Carpinteria, CA
5,230,102
I had a CPA who was purchasing my own house. The lender (who is one of my preferred lenders as well) instructed them to pay off the balance on one of their cards to improve their interest rate. He also instructed them NOT to cancel the card.
They did AND the CPA, thinking they knew more about credit than the lender, cancelled their card! Their DTIR then put them out of range for the house and they had to purchase a home at a lesser price.
We moved on to our back-up buyer but, the first buyer was heart-broken.
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Anthony Acosta - ALLAT...
Atlanta, GA
1,712,676
Nothing that interesting, just challneging at times.
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Debe Maxwell, CRS
Charlotte, NC
5,868,554
1,725,996
4,936,705
My lender is good at working with them to get there credit score higher.
344,603
Buyers are best served by brick and mortar lenders. Especially in a housing bubble, internet mortgage brokers are a dime a dozen. Then when the market starts to turn south, it's the online johnny-come-latelys that disappear leaving buyer having to requalify and start over.
4,800,082
7,836,139
969,888
5,216,409
Ask a local mortgage loan officer working with a broker, not a financial institution.
4,434,127
6,393,494
Most people just need a little guidance, the possibility, the Why, and the how.
2,781,173
An opposite story of one...
Decades ago I talked a buyer out of buying a home because they had no rainy day funds or any extra monies even cutting into their food and necessities. One problem would wipe them out. They had no family or friends to help out either. The bank could care less if they made it or not. Save more money and then make your move...At the time it was excellent advice.
5,772,575
Brent,
We just had boring qualified people, letters of credit and high net worth clients whose financials were impeccable...and we loved it that way. A