Please email your buyer scenarios to Jeff Lazerson by clicking HERE or call him at (949) 322-8640 and let’s see if we can solve your loan approval challenges! 

Week of 8/4/17: 

Retired, widowed borrower is contemplating turning her residence into a rental or selling it, paying the capital gains taxes and then putting more money down on a new residence.
Borrower decides to keep her home and convert it into a rental so that she has a nicely appreciating asset besides having income from her other 401k type retirement funds.
Because she now has less funds for down payment, her qualifying sales price for her new home is reduced.
She decides to set her sights lower.
Unfortunately, in the high 600’s to the low 700’s, its slim pickings out there for her Realtor who is searching and searching for her.
But wait. Her Realtor comes up with a brilliant idea. The Realtor contacts the top farmer in one particular neighborhood. Farmer, coincidentally has a lovely new pocket listing that is just right with a spectacular ocean view to boot!
And, it’s in our buyers price range at $705,000 asking price. 
Farmer agrees to consider offer from our Realtor.
Deal gets negotiated and deal gets done!

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Jeff Lazerson - Mortgage Columnist since 2011