Creative Financing for Cheryl
With a poor credit score and a lot of debt, Cheryl was unsure of her qualifications to own, much less build, a home. When Cheryl visited Schumacher Mortgage, her financial situation was not ideal. At the time she was living in a rented home, was saddled with over $30,000 in credit card and auto debt resulting in $2,000 monthly payments, and had a credit score hovering around the 500's. Still, we sat down with Cheryl to find out if there was a way we could help. We refinanced land she already owned, allowing Cheryl to pay off her debt and improve her credit score. During Cheryl's initial consultation with a Loan Officer, we discovered she had a piece of land that was worth over $100,000 that she owned outright. This inspired us to get extremely creative. We decided to do a cash-out finance of her land and used the cash to pay off her $30,000 in debt. This move alone caused Cheryl's credit score to jump over 100 points. Now in a sound financial position, Cheryl was able to begin the process to build her dream home. Once her credit score had risen, we were able to close on a Two-Time Close Construction Loan and start building Cheryl's dream home. This loan program gave Cheryl the opportunity to continue to improve her credit score while her home was being built.
Cheryl was able to save even more money during the construction process, allowing her to refinance to a Conventional mortgage once construction was completed. Throughout the construction process, Cheryl was responsible for interest-only payments, but other than her rent, that was now her only monthly obligation. Because her credit card and auto debt had been eliminated by our clever cash-out refinance strategy, her monthly expenses had dropped by over 50% once we started the custom home build process, meaning she was able to comfortably afford her construction payments. During the build, Cheryl's credit score continued to improve - she even started saving money during the construction period! Once construction was complete, her credit score had risen so significantly that we were able to refinance Cheryl into a conventional mortgage. Cheryl walked into Schumacher as a renter with over $30,000 in credit card and auto debt, credit in the 500's and monthly payments that felt almost impossible to handle. She walked out with a brand-new custom home that she designed herself, a credit score over 100 points higher, and no debt other than a mortgage which was lower than her previous monthly expenses!
Problem Solving for Patrick
Patrick submitted his application and ran into an unexpected issue with his credit. When Patrick walked into Schumacher Mortgage, he was ready to get going on his home mortgage. He met with the Schumacher Mortgage team and put in his application with a 25-day close target. However, his credit report came back with a derogatory trade over a $2 dispute with a credit card company, skewing Patrick’s credit score and affecting his eligibility to buy a home. With a tight closing deadline, it was time for Patrick and the Schumacher Mortgage team to get to work and resolve the issue. With guidance from Schumacher Mortgage, Patrick was able to resolve his credit card dispute and have his credit rescored
The Schumacher Mortgage team acted as advisors for Patrick and helped direct him on how to remedy this small error on his credit report. In about a week, Patrick was successful in correcting the derogatory mark on his credit report and his credit was rescored. With his improved credit score, Schumacher Mortgage repriced Patrick’s home loan and were able to offer him improved rates and pricing that matched his qualifications. After some initial work, the rest of the loan process went smoothly, and Patrick was able to achieve his home financing goals With everything back on track, Patrick and the team at Schumacher Mortgage were able to close on the target date. Patrick walked away from the experience with a clean credit report, an improved financial position, and a testimonial about the Schumacher Mortgage team and process to share with his friends and family.
Andrew & Jamie's Stumble Turns to Success
After thinking they were approved to build their dream home, the rug was pulled out from under them. Andrew and Jamie had a goal of building their dream home. They went through the whole process the right way – they contacted Schumacher Homes, found a lender, and got pre-qualified. Thinking their pre-qualification was solid, they moved forward with the home building process. However, right before their pre-construction meeting, their lender pulled the rug out from under them and rescinded their pre-qualification due to a "borderline” credit score and fluctuating income that was difficult to calculate. Andrew and Jamie were at a loss of what to do next. Schumacher Homes referred them Schumacher Mortgage, confident our loan officers could help
Andrew and Jamie’s Schumacher Homes New Home Consultant referred them to Schumacher Mortgage. They met with a Schumacher Mortgage Loan Officer who examined their financial position. Their Loan Officer applied years of experience working with clients with all sorts of financial situations to figure out a solution to account for their fluctuating income and to find a loan program that fit Andrew and Jamie’s needs. Schumacher Mortgage issued a pre-qualification and committed to being their mortgage advisors throughout the building process. Now confidently pre-qualified, Andrew and Jamie moved forward with their build With a new, and more reliable, pre-qualification in tow, Andrew and Jamie went back to Schumacher Homes to continue their home design process. They were able to reschedule their pre-construction meeting and are now well on their way to building their dream home thanks to the dedication, hard work, and experience of their Schumacher Mortgage Loan Officer.
Our Clients Are Our Biggest Fans!
Definitely a 5-star team, if I ever buy again, I will not hesitate to contact Matt! I was always warned about the chaos and headache of loan processes. I can honestly say I experienced none of that working with Matt and team. You guys really rock! Can’t say it enough!
Matt Glynn was amazing and super helpful during the entire process […]. He was very responsive to all my questions and was very patient with me which is exactly what I needed as a first-time homebuyer. Matt worked hard and basically all hours to get me the best rate and help push along the lending process […] I highly recommend Matt, you absolutely will not be disappointed!!
I highly recommend Matt and his team! My husband and I just closed on our first home [...] and I could not have asked for the process to go any smoother! […] Anytime I asked questions or called he always made himself available. You will not go wrong with choosing Matt!