Disney Financial solved this unique problem to help a family into a new home.
I would like to share a quick story about a mortgage problem that was recently referred to me by a long-term client.
I had helped this client with several loans in the past and now his daughter and son-in-law were getting preapproved to buy the larger home across the street from where they currently live in a rural area of San Diego County.
They went to the local Navy Fed Credit Union and the loan preapproval process went smooth until the appraiser pointed out that this home was being remodeled and there were no permits drawn from the City or County. So what happened next was a little strange. Navy Fed told the borrowers that we will not provide a loan to you for this property because we do not believe that you are really going to move into this remodeled home. Lets see…The house they wanted to buy was completely remodeled with 1200 more sq feet of living area and this was a fix and flip with approx $450k spent on upgrades for the home.
The Bottom line was I submitted the file to our local wholesaler and we hit the same roadblock.
One good thing about going to Disney Financial is that they have the knowledge and ability to solve problems that are often impossible for many other lenders to even consider.
So after reviewing all of the facts surrounding this new purchase of a remodeled home our client was able to overcome this issue with a little help from the folks at Disney. The solution we were able to provide in this case was that this is a semi-rural area and many homes and additions and remodels were completed in this area without building permits of any kind. This type of remodeling had been done in the area time and time again and we were able to prove this to the lender. Our lender agreed with our solution to the dilemma that we faced and the loan was funded 4 days earlier than planned.
The Borrower was so happy that they could now move into this larger home, then rent out their old residence and continue to live in a semi-rural area near their family members.
Don’t you just love it when a plan comes together?
If you know of someone that has a mortgage problem…Keep Disney Financial in mind.
We would love the opportunity to help you for today and into the future.