Picture it...you just finished packing up the moving truck in your driveway. Triumphantly you pulled down the back door of the truck with a resounding CLINK! You're exhausted but still in good spirits...after all you're running on adrenaline because in just two days you're going to be unpacking all of your things in your BRAND NEW HOUSE. It took a lot of work to get to this point but it's finally here.
Just then your phone rings...it's your lender...there's been some sort of delay...something they didn't anticipate...something out of their control...they need to move your closing date back a few days.
You hang up the phone, look back at the moving truck in your driveway and think...WHAT NOW?!
If you've ever been in this situation personally or know someone who has, you know what comes next is anything but fun.
Consider this (cautionary) tale of 3 of our buyers:
All three buyers purchased similarly priced homes last year and were planning to close within a week of each other.
All three buyers chose to finance the purchase of their new home with a USDA loan. 100% financing! It's a great deal and we're happy to build in areas that qualify for such a great program.
**One BIG thing to remember about USDA financing...sometimes those loans take a little longer to close because of the additional underwriting step at USDA. And those turnaround times vary from a few days to more than a week or so. It's important to know which turnaround time you're up against and it's important that your lender plan accordingly. You know, so you can close on time.
All three buyers chose a different lender. 2 chose outside lenders and 1 chose our preferred lender, Brad Arendt at Prime Lending.
Can you see where this is going? Probably, but keep reading anyway...
Buyer 1: Outside Lender
Got a call from their lender much like the one I described above. They had a moving van full of their belongings and nowhere to go. Their lender said it was an unforeseen hiccup...USDA turnaround times were running longer than expected and they didn't submit their file early enough to close on time.
Buyer 2: Outside Lender...converted to Preferred Lender
Got a call from their lender several months into the building process telling them they didn't qualify. They couldn't purchase the house. Heartbroken, we suggested they call Brad. Maybe he could find a way to save it? He could. He did. A cosigner and a different loan type later he got them to the closing table. Even better? With all that, we still closed on time.
Buyer 3: Preferred Lender
Closed on time. Happy.
I prefer my preferred lender because I prefer happy buyers that close on time.
Which buyer would YOU prefer to be?
