We just had another HAP transaction. This is the federal Housing Assistance Program that pays the difference between what a military member owes on his loan and what the market value is, if the home was purchased in a certain time frame and the member was PCS'd from that duty station. In this case, the difference between the seller's loan and current market value was in the ballpark of $120,000.
The buyer happened to have served in the military, too. He had another lender for about 4 months, trying VA and FHA. As a last resort, the listing agent (my husband) suggested the buyer see if I could do his loan. I won't get into the weeds of what we did to fix credit for the client and spouse, or the extra bumps in the road this one presented.
Suffice to say, per the listing agent, "Hello-I just received confirmation from Carol at escrow that recording is confirmed on the ... property. Congratulations to all on closing one of the most difficult transactions we've seen in many years. Special thanks to Carol for all her hard work and to Lisa for securing a loan that seemed to be impossible." And, in the buyer's agent's words, "The buyer is extremely happy."
With lending rules so tight these days - see my posts on Full Documentation qualifying - it seems that there is "turbulence" in every loan: difficulty securing this document or that receipt; a low appraisal; dilly dallying in ordering HOA docs or the HOA dilly dallying in sending them over; HAP sending a check that is months old and the title company doesn't like it... the list goes on and on. The ride isn't always smooth, but it is being done, with the ultimate goal of getting our clients the keys. Keep your eyes on the prize: the keys, not necessarily a smooth ride.
Lisa Delzompo (951-704-4559)
"May your home always be too small ... to hold all your friends!"
CA Dept of Real Estate, Real Estate Broker License #01379811;
NMLS Identifer #331744
REAL ESTATE: www.SandToSeaProperties.com. Covering northern San Diego, Oceanside, Temecula, Murrieta, Riverside County and desert areas of Yucca Valley, Joshua Tree and Twentynine Palms, CA.
LOANS: PRW Lending, Inc. Call direct 951-704-4559, or email me at lisa(@)sand2sea.us
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