Julia Knurova, a dedicated Mortgage Loan Originator (MLO) with MortgageDepot, understands your need for a customized mortgage solution that doesn’t prevent you from reaching your real estate potential. Whether you are a first-time homebuyer or an experienced investor, she knows where to find a loan program that works for you. She recently guided C&T Contracting Solutions LLC/Clifton Maxwell through the mortgage process, persisting through financing challenges to emerge successfully.
Overcoming the Challenges
When Julia Knurova sat down with her client, she discovered they were a new real estate investor interested in purchasing two single-family residences in Jacksonville, Florida. This client brought unique challenges to the table, and she knew she would need to think outside the box to find a loan program that met their needs.
The client was a self-employed borrower seeking a Non-QM loan. These nontraditional mortgage programs often have higher credit score requirements than their conventional counterparts. The client’s credit score was 660, which was considered too low in many lenders’ eyes.
The client wanted to qualify for their mortgage using their DSCR. Unfortunately, the rental income for one of the properties fell below the average rental income for the area. This was another barrier that Julia Knurova needed to conquer to get the client the financing they needed.
The End Result
Julia Knurova and C&T Contracting Solutions LLC/Clifton Maxwell decided on a Non-QM rental income loan that would make an exception for the credit score and DSCR ratio. The client also has the option to refinance in the LLC name.
If your financial circumstances have led to numerous dead ends at the mortgage desk, don’t despair! At MortgageDepot, we specialize in helping hard-to-finance clients get the funding they need to reach their goals. Contact Julia Knurova today to learn what mortgage programs are available to you!
