I had to work the lucrative “sure bets,” and not whatever fluff dropped in my lap. At the same time, I knew that a great lender doesn’t turn down people who actually can be approved. It’s not like there are two exclusive factions of loan applications: shaky and solid. There’s lots of gray area in both the “shaky” and “solid” camps, and I needed to know the difference between a “too shaky for me” loan, and a “shaky, but worth working” loan. Any lender in the world can get a loan for somebody who is the absolute perfect buyer. Maybe the applicant has a credit score of 800, an amazing W-2 job at a Fortune 500 company, and a million dollars in the bank. Maybe they’re buying an affordable property at below market value, so it’s guaranteed to appraise. The property is perfect, the buyer is perfect, the market is perfect...everything is perfect. A loan officer who just started their first day on the job can close that deal. But, of course, that’s not most loans. On any given workday, most loans are going to have some sort of challenge. It could be that the lender needs more bank or income documentation, or to know that the applicant has a bit more money in reserve. The lender might need to take a few extra steps to ensure that you are going to be able to afford the house and make the payments. Those aren’t insurmountable obstacles, and that loan shouldn’t automatically get rejected. A good lender is able to get buyers who aren’t perfectly positioned to get a loan on the road to approval. There are many loan programs available to make it easier for consumers to get into the home they like.
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