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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, 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) Client approaches Initial Mortgage Sr Loan Officer, with a rent with option to lease a home. The client put down $25,000 1 years ago and has been paying as agreed. The seller wants to exercise his right to sell the property. Yet the client has had a foreclosure less than1.5 years ago- This is an issue.

(SOULTION) Initial Mortgage’s professional understood what needed to be done. The client was declined by 3 other agencies. Initial Mortgage team took time to understand why and how the transition could be structured. Initial Mortgage saved this client’s down payment of 25K and the accumulated funds that were built into rent in the year.

                          Closed Morton Grove, IL

Case Study (2)  (PURCHASE) SELF EMPLOYED NOT ENOUGH SHOWING ON TAX RETURNS (PURCHASE)

          (PROBLEM) Client approaches Initial Mortgage Sr Loan Officer, client has been rejected by 2 other agencies. The client has all but given up! The problem was the client is self-employed and does not show enough the tax returns to buy the home.  The client is going to lose his earnest money of 15,000 due to multiple extensions.

          (SOULTION) Initial Mortgage’s professional and team understood what needed to be done. We initial mortgage have a portfolio product whereas it’s not offered to the general public. The client showed a consistency in his business a track record, with excellent credit FICO.

                          Closed Geneva, IL

Case Study (3) (PURCHASE) FICO 575 *(FHA TO CONVENTIOAL)

          (PROBLEM) Client approaches Initial Mortgage Sr Loan Officer, client has a 575 FICO Client is engaged and is under-contract to sell his Existing home not knowing his FICO was sub par. In addition, the client is Self Employed. Hence, he would have no home to live in in addition, us he placed an offer on an existing home and yet again he’s under contract to buy!

           (SOULTION) Initial Mortgage’s professional and team understood what needed to be done.  We have a special program whereas we can assist credit challenged individuals. We assisted to improve his scores and he diligently followed our instructions. We moved the client into a better situation from FHA to Conventional Financing.

                         Closed Orland, IL

Unique Situations for Unique Borrowers

  • Portfolio Programs
  • Investment tailored programs
  •  Condo Tel’s
  • Bridge Loans
  • ITIN & MARTICULAS
  • Special self-employed programs
  • Bank Statement Program with up to 85% LTV
  • Commercial Transactions

 

Contact your Initial Mortgage Sr Loan Officers Professionals to talk through your loan scenario.

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