Two Owned Properties, One Established Borrower… No Loan?

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Originally posted on December 12, 2012

Despite owning two residential properties, one borrower couldn’t get a mortgage loan, until Dave Viveiros, a radius senior loan officer, stepped in to help

 

Getting a loan these days isn’t easy. More and more people who’d have sailed through the process in past years are now facing obstacles. In many cases, the solutions are out there, but finding them can take a bit of time and ingenuity.

Stuart and Alexandra Trafford, who recently got a loan through radius, are a perfect example.

The Traffords owned two homes in Delaware, living in one and renting out the other. When the couple recently decided to move to Boston, they rented out both properties and planned to use their rental income to buy a condo.

Stuart contacted a national mortgage lender to get a pre-approval. With strong credit scores and an established employment record, he thought the process would be easy. It wasn’t. Stuart was told his debt-to-income ratio was too high. This was chiefly the result of difficulties qualifying his rental income, along with his monthly car payment debt.

Stuart and Alexandra were upset, frustrated and feeling stuck. They’d already moved to Boston and were living with family while they searched for a new home, but now they couldn’t get the financing to buy one. That’s when their Boston realtor referred them to Dave Viveiros, a senior loan officer at radius financial group inc.

“Stuart’s situation was tricky,” said Dave. “But for borrowers like him with an established record of paying bills on time and consistent employment, there’s usually a way to find a reasonable solution.”

After working through several options together, Dave and Stuart came up with a plan. They restructured Stuart’s debt by lowering his down payment on the Boston property, and used the leftover money to pay off his car loan. By eliminating his car payments, he reduced his overall debt, making him eligible for an FHA condo loan.

Dave says it took a few tries to get it right, but radius’s flexibility played a key role in the Traffords’ success. “Radius has an expansive array of lending options, which makes a big difference in helping borrowers get a loan that meets their needs.”

The Traffords recently moved into a condo in Fort Point and are thrilled. “When we thought we’d lost the opportunity to buy a new home, Dave saved the day,” said Alexandra. “I can’t thank him enough. We wouldn’t be here without him!”

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