WTHM to the RESCUE!
Happy Friday, Pam!
I hope you can feel the wind down of the year and are preparing for a lovely holiday season ahead. This time of year makes me think about home and how lucky we are to be a small part of a family's journey to get there.
We just had a really cool opportunity to jump in and save a purchase transaction that had an unexpected surprise right before closing on a new home for someone. They are self employed and were working with another lender to begin with. 2023 tax returns were finally due October 15th and our client filed those for her business and personal return during her escrow period. She had added a new component to her business in 2023 which required additional expenses to get off the ground, reducing her taxable income considerably from the previous year. This new tax return had to be averaged in with the previous year with the other lender and that tanked her income. The file was dead in the water.
I got the call from a dear realtor friend looking for a lifeline to save this transaction. Boy, do we love those! We immediately gathered 24 months of business and personal bank statements and sent them over to our favorite Non-QM lender. We were able to use her bank statement deposit income INSTEAD of her tax treturn income and we were back in business! Off to closing!
It makes me very happy to know this family will be tucking in for Thanksgiving this year in their new home. We love figuring out the puzzles of these files and we love working with the great, outside the box lenders we have in our wheelhouse!
Thank you to the realtor and client who trusted us to take them to the finish line, they know who they are!
If you know of anyone looking to tuck in to a new home before Christmas, reach out! We would be honored to help another family like this one!
