There are some success stories among the doom and gloom of the market for home-buyers!  A recent first-time buyer looked at virtually every home that came up for sale between $80,000 and $155,000 - and many of those were pretty rough!

He'd done his due diligence:

• Fully pre-approved with a reputable local lender.
• Firm grasp of his Haves vs. Wants in a first-time home.
• Process for qualifying potential homes and eliminating them from reviewing the MLS or a curbside drive-by.

We'd offered on several, losing a couple at the maximum of his pre-approval, another after reviewing the ARV (As Repaired Value) and his acquisition / improvement cost.

A couple of the losses were painful, one in particular had tugged at his heart strings.  To further augment his offers, we asked his lender to fully underwrite him as a buyer - leaving only property considerations and final approval at stake.

This buyer was very conscious of monthly expense, valuing his own payment comfort above what the lender approved him.  So we did do a dive into the PITI of each property - this is a breakdown of monthly payment - principle, interest, 1/12th taxes and 1/12th insurance.

I typically stay abreast of special programs that float in and out of the marketplace, some one-time offerings - others based upon grant funding.  His financial package put him in the field of play for two grants, so pursued the more lucrative.  The cost to him would only be a bit of additional paperwork, plus a secondary underwriting period.

I'd put out 'feelers' with agents, and one came through, an off-market opportunity in a nice little neighborhood that fit the radius!  We negotiated a fair offer that met the needs of all parties and pressed into the process.

• Inspection - Check!
• Appraisal - Check!
• Initial Underwriting - Check!

Then... the pause.

Underwriting for the first-time buyer grant slogged to a stop.  A week went by, nothing.  The second week, maybe?  No, nothing.  The closing date was upon us, and we were at the mercy of some unknown underwriter.  An extension loometh.

A the 11th hour, a joyous call from our lending partner meant we were back on track!  Calls here, emails there... leading up to the anticipated arrival of the ALTA (settlement document).

• Grant and Final Underwriting - Check!

There it was... DUE FROM BORROWER $824.79!!

This particular grant covered his entire down-payment, closing costs and title fees... only leaving the small balance due!  We'd successfully dodged $11,563.57 in charges and fees!  The buyer was thrilled at the extra funds on hand he now had for anticipated improvement projects.  His acquisition cost was literally 10% less than the full amount due at closing.  PLUS, the home was at the low end of his price range resulting in an even lower monthly payment.

Obviously every case is different, but this is a recent true story about how experience, preparedness and teamwork combined for a great experience!  There are programs available at all price ranges that may benefit a buyer's needs.

If I can help you or yours, please never hesitate to reach out.