Natalie and Andy is a nice married couple that purchased a home about 4 years ago in rural town USA. This had presented problems for many lenders that they attempted to refinance with over the past couple months. Each time Natalie and Andy would contact a mortgage lender, they were told that their Wausau mortgage would be approved with no problem and to just pay for the appraisal and they will get them closed. When they paid for the first appraisal, it came back a few days later with an acceptable value for the approval, but the comparables were all too far away for their banks underwriters.
After they were declined for that Wausau mortgage they filled out an online mortgage application and spoke to a couple different companies that all told them the same thing. Each Wausau home loan lender said that they would be able to get this loan approved no problem. Each time the lender said no problem, the loan came back denied because of the same reason. Natalie and Andy had invested money into an appraisal, emotions, and time into trying to get a low interest rate that they were entitled to.
A previous client of mine recommended WI-Mortgage.com because I had helped them with a unique situation in itself, but very similar to this one. When Natalie and Andy called me, they disclosed everything up front to me that their credit was in excellent shape, there was enough equity in the property, and they had worked at their jobs for a long time and lastly that they had retirement accounts and savings as well.
This has been a very common situation in securing a Wausau mortgage because banks and lenders have become a little more stringent on the property analysis portion of the underwriting process. I was upfront with them. I told them that I would do everything I could but I was not going to make a promise I couldn’t keep.
I contacted my underwriters to see if we had a program that we would be able to get Natalie and Andy qualified for. The underwriter said that he wanted to see the file in its entirety before making a decision. So, what I did was contact the appraisal management company and requested additional comps prior to sending the appraisal to my underwriter. Seeing as Natalie and Andy had issues with the comparables from each lender, I thought I would attempt to address that issue head on.
The appraisal came back with two additional comps that were still a little far out in the country but figured it wouldn’t hurt to get it submitted. After 24 hours, I received in my email a Conditional Loan Approval! All we needed to do was have the customers write a few letters of explanation regarding other items in the file. Our underwriter approved the appraisal because of the two additional comps. We successfully closed their Wausau mortgage a few days later!
If you have a situation where your lender has denied your application because you own a rural property, I encourage you to contact me for your Wausau Mortgage at 855-712-3113. We will do everything we can to get your loan closed in as little time as possible.