Ray and his wife wanted to own a home. Manufactured homes seemed to be the only affordable option.
The Situation
My client, Ray, was referred to me by a banker friend of mine. He was recently married and wanted to own his first home.
Why it Broke
Affordability, down payment, and credit scores were the main constraints. Ray had a couple thousand dollars in the bank, a 641 credit score with “thin” credit history, and really needed to find a home under $130,000 to make the payment work in his budget.
The only homes he could find in this price point were manufactured homes.
The Fix
MSHDA with DPA was the solution. We carefully documented his wife’s self-employment income to show household income was not too high to qualify. He was able to close on his new home last month with a payment he could afford.
The Lesson
Many lenders have a specialty where they do incredible work, but no lender offers EVERY program. We were honored to step in and help with this MSHDA client to buy a manufactured home.
The Takeaway
The difficult “turn-down” conversation you must have is easier when you can refer them to a trusted friend in the business who might still be able to help.
Work with Me
Do you have a deal that doesn’t work internally?
Reply to this email with the scenario and I’ll take a thoughtful second look.
Or call me directly at 616.298.2743
You’re receiving this because we’ve connected professionally around complex lending or structuring scenarios that required a second look.