Nicki Jemmings, Helena Real Estate Lender:
A few years ago, I had a member who was looking at a Rural Development Loan. A Rural Development Loan is a federal government loan program backed by the USDA and allows the buyer to have little or no down payment and some types of loans offer down payment assistance. This particular member had not passed the CAIVRS System check which is required on all federal loan program approvals. It is part of the underwriting process to make sure the buyer doesn’t owe any money to the United States Government. Well, it turns out this member had some issues with a Federal Student Loan and was being faced with garnishment. I was able to do a personal loan for the balance of the student loan which allowed the CAIVRS to report as current. After that, I had to work with the Rural Development Loan underwriter to show proof he qualified for the loan. The process took a bit longer than I would have liked, but we were able to get our member into a home with a loan program that fit their needs. While this situation is not ideal, it is nice to be able to help folks when they really need it.
Courtney Adkins, Bozeman/Belgrade Real Estate Lender:
Just recently I had a member who was pre-approved for a condo purchase in Bozeman through USAA. The day before they were supposed to close on the condo, USAA contacted them to let them know they no longer qualified for the loan and turned them down. While I prefer to work with members from start to finish, I had to help this member. It was already past the original closing date when the member contacted me, but I was able to get them approved and into their new condo within three weeks of their original closing date. This was a BIG success and the member was so thankful. I encourage everyone to work with a local lender. While lenders like USAA are great, when you work with someone local, you are less likely to run into issues like this one.
Holly Carpenter, Butte Real Estate Lender:
I was working with a young married couple just after I started with RMCU and they had been renting for years and finally made the decision to buy. Both had a decent income, but they had a lot of unsecured debt with their credit cards. Both also had past student loans that were affecting their debt-to-income ratios and their credit scores weren’t the best. They were not terrible, they just could have been better. These two wanted to purchase the home they were currently renting and the sellers were all for it. After some creative financing options and a 401k Loan for the down payment, I was able to get this young couple approved for their first mortgage loan. The best part? Their mortgage payment is $400 less than the rent they were paying on the same home! Something I wish more young people and first-time home-buyers knew is that you can pay less than renting by owning your home. This couple was a great testament to that fact and I love helping people buy their first home. There is something special about it.
Working with our members on successful home purchases is so rewarding. Our Real Estate Team works around the clock to help folks get into the home of their dreams. Do you have a success story? We would love to hear your success stories in the home buying process.
