Complex Mortgage Solutions for Home Buyers

29 October 2024 By: Sunlite Mortgage0 comments

Buying a home can be challenging, especially if you need complex mortgage solutions for home buyers with unique financial circumstances that don’t fit traditional lender requirements. Many factors can impact a mortgage application, such as credit history, income level, down payment, property value, and the bank’s perception of your character. Sometimes, everything aligns, and approval is straightforward. However, life events like a marriage breakdown, job loss, or rising inflation impacting your budget can impair your credit, making qualifying difficult. In these situations, a skilled mortgage broker is essential to help you buy or refinance your home.

At Sunlite Mortgage, we specialize in complex mortgage solutions for home buyers, helping clients with high TDS ratios, self-employment income, or past credit issues secure the financing they need. Recently, a realtor referred a couple to us after they struggled to qualify for a mortgage with another broker. Here’s how we worked closely with the clients and the realtor to secure a successful closing, showcasing the value of our expertise.

The Client’s Challenge: A Complex Financial Situation

This couple’s financial profile posed several challenges, making qualifying with standard mortgage options difficult. Their specific obstacles included:

• High TDS Ratio: Due to a combination of self-employment income and temporary disability leave, their TDS (Total Debt Service) ratio was higher than most lenders’ thresholds, impacting approval chances.
• Appraisal Shortfall: The home appraisal came in $85,000 below the purchase price, creating a funding gap that could have derailed the mortgage.
• Temporary Disability & Consumer Proposal: One borrower was on disability leave with plans to return to work after closing and had recently completed a consumer proposal, limiting their eligibility with traditional lenders.

Our Solution-Oriented Approach to Complex Mortgage Solutions

At Sunlite Mortgage, we aim to make homeownership accessible, even for clients with complex financial situations. Here’s how we addressed each issue with complex mortgage solutions for home buyers.

1. Resolving the Appraisal Shortfall

We requested a re-evaluation when the initial appraisal fell $85,000 below the purchase price. By supplying recent sales data from nearby properties, we justified a higher value, reducing the funding gap and allowing for better loan terms.

2. Leveraging Employment Options for Qualification

To meet income requirements, we recommended that the client on disability explore an earlier return to work with a less physically demanding role. This ensured their income could be included in the mortgage qualification without impacting disability benefits before closing.

3. Including Self-Employment Income with Documentation

One borrower’s self-employment income didn’t meet the typical two-year history requirement. To bridge this gap, we provided letters from reliable clients, including attorneys known to the lender, demonstrating consistent income. This was key in securing favourable terms with a B lender.

4. Securing a Temporary Solution with a B Lender

We arranged a one-year term with a B lender, planning to reassess their eligibility for an A Lender in the following year. Once the borrower met the two-year income history requirement, we moved the couple to an A lender, reducing costs and providing long-term financial stability.

Transparent Communication: Supporting Buyers Every Step of the Way

Throughout the process, we prioritized communication, updating the clients and realtor at every key stage:

• When we submitted the application,
• After receiving client documents,
• Following our internal review and
• When the lender provided final approval.

We understand that home buying can be stressful, especially with complex finances. That’s why we kept the clients informed and reassured, ensuring a smooth, successful closing without surprises.

A Successful Closing Without Additional Costs

Through consistent communication and complex mortgage solutions for home buyers, we helped the clients close their homes without additional costs or delays. Our expertise allowed them to buy their home without needing an extra $85,000 down payment. They were thrilled with the outcome, and the realtor who referred them was able to provide exceptional service by recommending a broker who could secure financing under challenging circumstances.

Why Choose Sunlite Mortgage for Complex Mortgage Solutions?

Choosing a mortgage broker specializing in complex cases can make all the difference in achieving your homeownership dreams. Here’s why clients choose Sunlite Mortgage:

• Creative Problem Solving: We specialize in complex mortgage solutions for home buyers with high TDS ratios, appraisal gaps, and unique income sources.
• Transparent Communication: We believe in keeping you informed every step of the way. You’ll know exactly where you stand, making the mortgage process more manageable and stress-free.
• Flexible Lending Solutions: We have access to a broad network of lenders, so we can tailor solutions to meet unique financial needs. No matter your situation, we’re here to find the right financing.

Are You Facing Challenges Qualifying for a Mortgage? We Can Help.

If your financial situation makes it difficult to qualify for a mortgage, don’t give up on your goal of homeownership. At Sunlite Mortgage, we’re here to provide complex mortgage solutions for home buyers. Contact us today to discuss your options and take the next step toward owning your home.

Homeownership is possible, even with financial obstacles. At Sunlite Mortgage, we specialize in complex mortgage solutions for home buyers, helping clients achieve their dream homes. Contact us today and see how we can help make your homeownership journey a reality.

Ready to explore your mortgage options? Contact Sunlite Mortgage today for a consultation, and let us help you find a solution that fits your unique needs.