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    Government Lending Changing and Tightening their Restrictions

    Hey folks,
    My name is Darren James, and I hope everyone is staying safe out there. Many challenges have come our way with Stay at Home Orders, Unemployment rates climbing, Online Schooling, the Corona Virus, etc.

    Over the past couple weeks, as a Top listing agent in the Greater Baton Rouge Area, I’ve experience several fall outs, and NUMEROUS calls from clients, other agents, etc. asking what is going on, and how can we fix the problems and risks associated with transactions. From the buyer paying for inspections, appraisals, and their time as well with packing, then the seller’s taking their homes off the market, paying for items to be repaired that were determined at the buyer’s inspection etc…Then to have it all go south with the Govt. tightening their loan requirements for the buyer to qualify.

    This applies to Va -Fha-USDA

    Most lenders already had restrictions based on Current guidelines and with the current liquidity issues and unemployment fears, those restrictions have increased dramatically in the last week. Some people who were told they qualify originally with a 640 credit score, now need a 660/680 score depending on what lender, and each of those lender individual requirements regarding their investors in the secondary market, and their guidelines internally for lending. These restrictions do not apply to all lenders.

    If you have just been told you can’t buy now, your pre -approval isn’t good or your current purchase is in jeopardy due to the new restrictions…Let me know. If you’re currently working with a Realtor, that’s ok. Have them contact me and I’m happy to provide my lender info to them to help save your deal…everyone has time, energy, and money invested in the process, and if I can help you save it, then that a win all around!!!

    I deal with the Vice President of a national company that has the least amount of restrictions/overlays available today. Just these last two weeks, he has turned buyers who were In the Middle of the Process, had Paid for Inspections, and Appraisal, then got turned down…He turned them into new home buyers and got them approved.

    What’s the difference….Overlays….Call me today for more details. 225-335-7666. That’s 225-335-7666, or text the word Approved to 88000.

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