MortgageDepot Branch manager Tariq Bailey dedicates much of his time addressing any issues that may arise when his clients are seeking to obtain a mortgage. Such was the case when first-time homebuyers in Orange County, upstate New York, were applying for a home mortgage.
The client was initially advised to apply for an FHA loan via a direct mortgage lender. After six months spent in limbo, there was no approval given by the lender that would eventually lead to a closing.
After performing his standard due diligence regarding his client’s challenges in securing a loan, the obstacle preventing the final approval of the mortgage was over six figures in student loan debt. There was also the issue that the seller’s house had been under appraised for its sales price. In this instance, a conventional mortgage loan was the buyer’s only option.
Each client’s mortgage needs are unique to their financial circumstances, whether they’re the buyer or seller. With that in mind, Tariq was successful in negotiating a mutually beneficial compromise between the buyers and the seller. His efforts led to the successful completion of the mortgage process, securing a mortgage for the purchase price of the residence of $437,000.
The loan application process for a home mortgage is complex. Trust the expertise of a professional mortgage broker from MortgageDepot to assist you when you’re seeking a home loan. Contact Tariq today at 845-363-0040 or visit us online at MortgageDepot.com