Client Wins

Every week we share stories about homebuyers and homeowners who are achieving their goals with RPM as their partner. Click below to read more.

A first time buyer didn't think she could buy a home because of past credit problems and a minimal down payment from her parents. Once we reviewed her credit history and briefed her on down payment gift rules, we recommended a 3.5% down government-backed FHA loan. Once she realized she could be a homeowner, she was in hot pursuit and quickly made an offer on a cozy condo. Because condos have additional documentation and HOA restrictions, the seller's other offers asked for 30 and 45 day closings. When our buyer offered a 15 day close and waived her loan contingency, the seller accepted her deal, and she ended up moving even faster than that. She was in her new home in just 8 business days!

An entrepreneur looking to take cash out of his primary residence valued was unable to qualify using his tax returns because of how he files for his several businesses. But after analyzing all of his personal and business asset accounts, we were able to offer our specialized program that uses assets instead of tax returns to qualify. We subtracted 36 months of reserves from the total assets, then used a formula to calculate income needed to service all debts from the remaining assets. This formula allowed him to qualify for a $2.5 million cash out refinance, of which $900,000 was cash to him at closing. He was able to use the cash for his newest business ventures.

We checked in with a former client and timing was perfect as he was in the process of a building a new home. The builder he was working with strongly recommended using their preferred lender to get pre-approved. The client met with the other lender but realized their lack of personalized service and speed did not meet the expectations that RPM had set. In addition to providing detailed payment and rate scenarios for his $499,000 loan, we offered a lower rate than the competitor and had the ability to lock for an extended period of time. This offered him the much needed flexibility to secure his rate now and move the process along while he awaits his dream home.

A client was shopping and working with 5 other mortgage lenders to secure a $1.5 million loan. One factor was a balloon mortgage on an investment home. In addition, the borrower was self-employed and had corporate returns, tax extensions, and multiple entities that created complexities other lenders couldn't decipher. We were able to make an exception on his late mortgage payments by documenting the circumstances, and documenting enough income to qualify by explaining how each of his business entities related to one another. We closed his 20% down purchase of a $1.9 million home within 30 days.

After being turned away by a major bank for lack of qualifying income to fit their guidelines, a client came to RPM to refinance her high-interest private money loans. Because she owned several restaurants, she wrote off everything on her taxes, thus reducing her qualifying income. We educated her on how self-employed income is calculated and informed her of the importance of having ample assets to strengthen her qualifying ratios. After adjusting her write offs for 2016, we were able to increase her qualifying income and refinance her loans on her primary and investment homes. She's now paying $2,800 less per month, which has completely reinvented her savings and retirement plan!

When past clients found a new home two states away, they needed to close on that relocation home using cash from their existing home. This meant doing a cash-out refinance on their existing home and finding a renter for their home before they moved - which met their financial objectives and was required to qualify. While working on both loans in the proper sequence, a client's family member passed away, which was incredibly stressful for them and impacted their financial profile. We worked with them 24-7 to close the refi two days before the purchase, to close both loans within 30 days total, and to calm nerves and provide stability during their most unstable hours.

A past client who refinanced with RPM a few years back was ready to move up and asked us to pre-approve him to buy in an extremely competitive market with way more buyers than homes for sale. We let him know that our Advance Approval® is far more effective than a pre-approval because we actually have a human underwriter approve his loan before he makes offers. This way when listing agents review his offer compared to other buyers, they know the loan is ready to go. Even though he had 40% down, his offer wasn't the highest bid, and it was RPM's Advance Approval® that won over the sellers. Icing on the cake: we could've closed a week early, but the sellers needed more time.

After attending an RPM first-time buyer seminar, a buyer asked us to pre-approve him. Because he only had 5% down to buy a condo, we explained that condo loans are made based on both borrowers AND properties qualifying, so to ensure a fast close, we'd need to check each condo project individually before he wrote offers. This labor-intensive process involves verifying that owners pay their dues on time, that there aren't too many rental units in the condo project, and other lender-required stats. We won his confidence by doing this before each offer, and earned his trust by proving that doing our homework in advance enabled them to write a 20-day close offer and closed with no surprises.

A client's down payment was limited, so we told him about Advance Approval®. With his loan already underwritten and approved, he was able to offer a 21 day close with just 5% down and opted to waive his loan contingency. The sellers and listing agent were impressed and accepted his offer above many others with higher down payments. The escrow company at first doubted he could close that fast, but we delivered them closing documents in time to close 4 days early. On Yelp, the client said their RPM team was "as wonderful at their jobs as they are as people."

A client working with another lender saw their entire country home plan flash before their eyes when that lender said they didn't understand the client's self-employed income late in the game. The client had already picked out fixtures on the new construction home and the builder decided to start evaluating a backup offer. Clients asked RPM to step in, and we advised on using gift funds for a down payment which could be imminently repaid when they sold their investment property. We closed in 17 days, keeping them on time, and getting them into their new cabin with fairytale ending.

A client had been making several home purchase offers and finally got into contract on a beautiful condo. During the transaction, the buyer's company moved his planned retirement date much earlier, changing his income structure and forcing a new loan approval. We briefed his employer on the income documentation required for his revised deferred compensation plan, and briefed him on our loan programs that allow for this type of income that was to replace his salary. Then we resubmitted his loan for approval within a few days, and he's now enjoying retired life in his new condo.

A client asked us to refinance her into a lower rate, but after analyzing her profile we noticed her debt was too high to qualify. We also noticed she had high-rate credit card debt, and enough equity in her home to qualify for a cash-out refinance. Plus she told us that she'd been hoping to take care of some home maintenance and improvements. So we presented options for a cash-out refinance to reduce credit card payments in order to qualify for the loan. She got her lower rate, paid off $20k in credit card debt, and got cash to fix up her home - all in under 30 days.

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