Every week we share stories about homebuyers and homeowners who are achieving their goals with RPM as their partner. Click below to read more.
After my foreclosure last year, I thought a high-interest private mortgage was my only option. You changed my perspective and my life.
A struggling single mom was looking to purchase a new home and relocate so her disabled son could have access to better healthcare. A year earlier, rising medical expenses and a divorce that left her without child support payments forced her to foreclose on her home. Fast forward to today, she was back on her feet with steady income and paying her bills on time, so she called us for help. She feared the only way she could buy again was with a double-digit interest private loan and a roommate who could help her make the mortgage payments. We reviewed her credit and income profile and were able to approve her for a low interest USDA loan, which had a foreclosure waiting period much shorter than the standard 4-7 years. Relieved, she went from thinking it would be years before she’d be comfortable to buy again, to moving into her new home a month later.
Your unique process of using bank statements to determine my true income helped me secure my dream home.
A hard-working client was feeling discouraged after being denied by several lenders who couldn’t see beyond her tax returns. Self-employed for 30 years and with various write-offs to consider, her debt-to-income ratio appeared to be too high. But her credit was excellent and she had a sufficient down payment, so we sat down to discuss her options. By using our bank statement program, we were able to analyze her assets over a 24 month period and average out the business deposits she’d received. This calculation resulted in an income figure that was higher than those on her taxes and one that was more reflective of her actual monthly take home pay. Thanks to this creative loan program, she’s now balancing both work and life from the comfort of her new home.
After I was suddenly laid off, you saved us from losing faith and kept our loan alive.
A young couple who’d recently landed their dream jobs decided it was finally time to stop renting and buy. They contacted us to get a fully approved loan upfront to increase their chances of acceptance. Once a home they loved came on the market, they acted fast, beat out two other offers, and the process was underway. But then the wife suddenly got laid off. She called us in a panic crying and didn’t want to lose this house or her initial deposit. We couldn’t use her income, but advised on finding a co-borrower to save the deal. We swiftly gathered the new co-borrower’s income and assets and didn’t let the road bump stop us – closing two days earlier than expected and turning a moment of panic into tears of joy.
Your down payment assistance is amazing. Now my mortgage is cheaper than my rent was!
A single mom of two recently found the perfect home to purchase for her family, but needed to finance it on a tight budget. The property was more than 250 years old, had been foreclosed, and needed some love and care to restore it to its original beauty. With her budget constraints and property condition in mind, we pre-approved her for an FHA 203k rehab loan, which, paired with a down payment assistance program, allowed her to finance an additional $23k to cover the cost of home improvements while getting a 3% down payment grant. So she only had to contribute less than half of a percent toward the down payment from her own funds. After renovations were complete we were able to close and bring the home’s charm back to life. With a new home and a mortgage that actually costs less than her former rent payment, she’ll continue to see savings long term.
Other lenders didn't take my limited cash and credit history seriously. You did and it changed my life.
After working with a lender that brushed her off due to low credit and down payment funds, a client called us for help. We met with her in person and discussed all of her options from gifted funds, co-signors and 3.5% down FHA financing. She needed to improve her chances of qualifying, so we advised her to pay down credit cards and look into a possible non-occupying co-signer. When she found a family member who could co-sign, they not only helped aid in her qualification, but also contributed toward her down payment with a gift. After we had both client and co-signor pre-approved and an increased credit score, she started looking for homes, and soon found the perfect starter home for her and her daughter to live in. After all the up-front work, it was a breeze to close in less than 30 days.
When another lender said No on my tricky condo loan, you found a way to say Yes.
Two and a half weeks into contract on a condo deal gone sour, a client was referred to us by a previous buyer we’d helped in the same condo project last year. The client’s previous lender said the condo’s Homeowner’s Association (HOA) had too many late dues. We knew the HOA delinquency rate was slightly high, but are willing to make exceptions on certain condos that don’t fit with standard Fannie Mae and Freddie Mac approval rules. After making a case for the strength of the rest of the HOA budget and stability, we were able to close a few weeks later, securing the home for our clients, and adding another strong member to help build the strength of the condo HOA.
Your VA loan expertise got us home in time for the holidays!
A couple with two kids wanted to purchase their first home and hoped they could move in before the holidays. Since both were veterans, they wanted to take advantage of their deserved VA benefits (such as 0% down financing), but were concerned how it would work since they were not married. We explained that the process involved a separate approval called a Certificate of Commitment, but assured them it could be done by working directly with the Veterans Administration underwriter. After we approved their loan, the appraisal came back nearly $6,000 under the purchase price, and they didn’t have funds to make up the difference in cost. We made an appeal by explaining recent repair work to the property. The appraiser revisited the valuation and adjusted the value to account for the recent improvements. Clients went from being on pins and needles to pinning ornaments on Christmas tree pine needles in their new home!
You never gave up on our quest to find a stable, safe home to raise our grandson.
While engaged in a tough custody battle for their 3 year old grandson, a veteran and his wife approached us to help find the perfect place to raise him in. After previously being denied financing, we spent over a year educating and advising them on what exact debts to pay down to put them in a position to purchase with a 0% down VA loan. While working on their finances, their legal battle for their grandson lingered, and they needed to see it through to use state funding to cover their closing costs. Fast forward one year, they had paid down their debts, saved more and lowered their debt to qualify. After the court settled, we proceeded with their loan, and they too could finally settle their family quest, but this time comfortably into their new home.
We sold a home, bought a home, and consolidated our debts all at once with your expertise.
Clients came to us wanting to get pre-approved, but were unsure what to do with their current home and mortgage. We went over their options for refinancing and selling, but moving into a new home was their ultimate preference. They were unsure if they’d qualify for a new loan because they had over $30k in debts and high monthly interest payments. We ran the numbers and told them they had enough equity to sell their current home and could use those proceeds to cover their new down payment and pay off their hefty credit card debt. This gave them the confidence to put their home on the market. Meanwhile, we approved them upfront for their new purchase so they could write cash-like offers on new homes. They beat out multiple buyers to secure the deal and closed on their new home in under 25 days.
This was our 7th home purchase, and we'll never make another purchase without you by our side.
Last year a couple bought what they thought would be their retirement home and final real estate investment. But they soon realized they were misinformed about the mortgage they got. They wanted to buy again, but needed planning advice and not just a loan transaction. They met us and we went over different loan programs that aligned with their budget and long-term goals. We pre-approved them assuming a sale of their current residence while purchasing the new home. Since their transaction was dependent on their home selling, we were the communication hub to ensure all parties and deadlines were aligned. After the two properties sold, the buyers said the photo finish was by far the best service and experience they had in all their home buying years.
We rent from overpaying renters to grateful homeowners in 19 days.
Discouraged by rising monthly rents, two eager home buyers got into contract on their first home after being pre-approved by another lender. But shortly after, the lender said they had inadequate work history that disqualified them. With just 20 days left to perform and high risk of losing their deposit, we quickly stepped in. We found the other lender’s oversight right away: while the borrower did not have two years on his current job, he did have two years of grad school under his belt. And since his degree was in the same field as his current profession, we could use it to help qualify for their low down FHA loan. By vetting everything up front, we were able to quickly close on time without hiccups – protecting the client’s deposit and fulfilling their goal of owning a home with a fixed long-term monthly payment.
We refinanced our former home, bought a new home, and put 40,000 dollars back into our savings.
Clients were working with another lender who miscalculated their debt and income, and things went awry. The lender had the buyers pay off $40k in debt and then were told they’d need to bring in an additional $25k at closing. But since they already spent thousands toward debt payoff, they didn’t have more cash on hand and couldn’t close the loan. At risk of losing their new home, they were referred to us to find a solution. We told them by renting out and refinancing their departing condo they could take out $60k from that loan to help offset the debts they’d paid off plus use $20k for their new down payment. This strategy fixed the other lender’s mistakes, replenished their savings, and most important: got them into their newer, larger home!