Case Study- Laura
(3 minute read)
Our client Laura’s* world was shaken when her landlord sent her a notice of his intent to sell the property. This came as a shock especially since she had been living in the home for fifteen years. She had made modifications to the home at her own expense to cater to the needs of her disabled children.
The landlord offered to sell the home to Laura for $700,000. Laura’s first thought was “There is no way I can make the payment”. The fear of losing her home prompted her to reach out to Mainstreet, referred by a trusted advisor.
As far as qualifying, simply put – there was no way Laura could qualify to buy this home. However, by asking more questions and taking the time to help her uncover her hidden assets - here's how we helped Laura realize her dream of homeownership:
Laura's daughter, who was living with her, decided to remain in the home as a primary occupant. This significant change in plans allowed them to pool their income.
A big breakthrough came when the lender agreed to include all of the income for Laura’s daughter – including newly acquired bonuses without the required history of bonus income. This breakthrough brought them one step closer to realizing their dream of homeownership.
We successfully utilized the income Laura received caring for her disabled children- an income source she had not previously considered. This income can be challenging to document.
However, challenges still loomed. Funds for the down payment were limited and Laura's credit was impaired. We collaborated closely with the lender to overcome these obstacles. We successfully secured their approval, ensuring that the resulting monthly payments were within the manageable range for Laura and her daughter. Additionally, we negotiated with the seller to cover 100% of the closing costs.
In the end, our collective efforts transformed Laura's seemingly insurmountable housing challenge into a heartwarming success story of homeownership. These are the kind of results we achieve daily.
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*Disclaimer: Laura’s name has been changed