First Time Home Buyer's Loan Approval

home buying | mortgage | refinance

My newest first time home buyer's loan was certain to be approved, despite distinct challenges.

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How did I know? After selling real estate followed by home mortgage origination for many years, I'd developed a pretty accurate gut instinct.

Gut Instincts

Still, I questioned Nellie carefully because instincts are not 100% fool proof. She had been through enough and I didn't want to add insult to injury.

This was Nellie's second round of seeking loan approval. Are you wondering why she'd put herself through the grueling process again? She'd only been approved for $80,000 and the average home price was $250,000 in the neighborhood where she planned on raising her three sons.

On Pins And Needles

Nellie was on pins and needles and understandably so.

After I'd listened to her for an hour or so, I really thought there was hope for her to borrow more money. I proceeded to ask for more qualifying information.

Calculating their income revealed she earned the lion's share. What her husband earned appeared pretty miniscule. Something didn't seem right.

My mistake. I assumed she'd accidentally given me his net pay. It was a common error among first time home buyers to offer after-tax amounts.

I Called Her Husband Gross

Attempting to be discreet I proceeded to inquire, "Gross?" To which she replied, "I know, (big sigh) his income is really gross."

Nellie saw the snicker on my face and realized what she'd said. We both started laughing. Boy did that break the ice.

First Time Home Buyer's Loan Approval

After that, she relaxed. Turned out her pessimism was ill-founded. In spite of her husband's "gross" income, they closed on their home mortgage about a month later and I gained a friend for life.

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