Initial Mortgage's
New Not Qualifying Programs We have special options
Perhaps your loan didn't qualify at another organization or simply is not eligible?
Well, we have solutions! Feel free to see some recent case studies of individuals we just closed.
Case Study (1): (PURCHASE) Rent with Lease to Own & Self-Employed
- Problem:
A client approached Initial Mortgage Sr. Loan Officer with a rent-to-own option for a home. The client had put down $25,000 a year ago and had been paying as agreed. However, the seller wanted to exercise his right to sell the property. The client had a foreclosure less than 1.5 years ago, which created an issue. - Solution:
Initial Mortgage professionals understood what needed to be done. Despite the client being declined by three other agencies, the team took time to assess the situation and structured the transition effectively. Initial Mortgage saved the client's $25,000 down payment and the accumulated rent funds over the year.
Closed: Morton Grove, IL
Case Study (2): (PURCHASE) Self-Employed with Insufficient Tax Returns
- Problem:
A self-employed client approached Initial Mortgage Sr. Loan Officer after being rejected by two other agencies. The client had almost given up. The issue was insufficient income shown on tax returns, putting the client at risk of losing $15,000 in earnest money due to multiple extensions. - Solution:
Initial Mortgage professionals utilized a unique portfolio product not available to the general public. They assessed the client’s business consistency and excellent credit history. The team successfully resolved the issue.
Closed: Geneva, IL
Case Study (3): *(PURCHASE) FICO 575 (FHA to Conventional)
- Problem:
A client with a 575 FICO score approached Initial Mortgage Sr. Loan Officer. The client was under contract to sell his existing home, unaware of his subpar FICO score. Additionally, being self-employed, the client faced the risk of being without a home while under contract to buy a new property. - Solution:
Initial Mortgage professionals utilized a special program for credit-challenged individuals. They assisted the client in improving his credit score and transitioning from FHA to Conventional Financing, ensuring a better outcome.
Closed: Orland, IL
Unique Situations for Unique Borrowers
Our Specialized Programs:
| Program Type | Details |
|---|---|
| Portfolio Programs | Investment-tailored programs |
| Condo Tel's | Bridge Loans |
| ITIN & Matriculas | Special self-employed programs |
| Bank Statement Program (up to 85% LTV) | Commercial Transactions |