Published 4:43 pm, Friday, April 15, 2016

Mortgage adviser: Dominique Stevens.

Property Type: Single-family home in Vallejo.

Loan amount: $350,000.

Loan type: 4.125 percent fixed.

Loan terms: Cash-out refinance, 30-year fixed rate mortgage.

Backstory: Last fall, Realtor Rommel Lubuguin of World Premier Realty in American Canyon contacted Dominique Stevens in hopes she could help a client. Lubuguin found his client a one-of-a-kind opportunity to purchase a large, beautiful home, at a great price. His client was actively searching for financing.

However, the client had recently opened a new business in Vallejo. The business was a success from the start. There was ample cash flow for the borrower to purchase a home, but he was new to the industry, and needed two years’ experience to qualify for a conventional loan.

Stevens suggested the Realtor and his client see a private money Lender, who enabled the borrower to purchase the home with 35 percent down payment at a 12 percent interest rate. Even though the private funds were at a high cost, it worked out well for the borrower, for he was able to quickly take advantage of a great deal on a property. He realized he would need to wait until he’d had his business for two years to refinance into a conventional loan.

In January 2016, Stevens discovered that the Fannie Mae guidelines would now allow the borrower to qualify for a conventional loan with only one year’s income from the new business. She was able to prove to the underwriters that the borrower had excellent income, credit scores and savings.

Although the borrower was away on a business trip, Stevens worked quickly and efficiently utilizing technology to complete the necessary paperwork. `

When the borrower returned from his trip, he simply went to the signing and finished the transaction, which was finalized in 22 days. The borrower not only received significant cash back at closing, but he now enjoys the security of a low-cost 30-year fixed rate loan.

Dominique Stevens, Mortgage Adviser, Advantage Home Loans, (415) 250-8908, ds@dominiquestevens.com