The Hand of God

I’d like to share a story with you about one of the best deals that I’ve done for my clients.

I’ll keep the identity a secret for now.  And we’ll name the client, Joe.

Joe had found me through my advertisings about the California First Time Homebuyer Programs through CalHFA, a government agency.  At that time, the program allowed down payment assistance for approximately $25-$50K down depending on qualifications, and a below market interest rate of approximately 5% on a 30 Year Fixed Rate.  This program was the best program available for first time homebuyers, and I believe it still is today.

At the time that Joe found me, he was working 3 jobs.  By day, Joe worked as a “Bodyman” at an autobody shop.  By Night, he was a driver, working for a supermarket chain collecting documents, driving literally from Oakland to Half Moon Bay frequently in his route.  And by the early AM, he was delivering newspapers on a major route for the Chronicle.

Even with 3 jobs such as this, it was hard to qualify for the loans necessary to purchase that first home.  After securing a house of Joe’s choice, we went through the loan process.  As it turned out, Joe was unable to qualify for the CalHFA loans due to its rigorous underwriting rules.  And therefore, I tried to place Joe with 100% financing through normal lenders.  However, Joe’s original income was not sufficient enough for the 100% financing loans. 

But in the midst of the home search, Joe was also looking at other jobs for better pay to afford the new mortgage that he was to iincur.  Joe had succeeded in changing autobody shops for better pay.  However, after a month, his previous employer brought him back with an even better offer.  Joe did not inform me of these changes, until I told him that we had some income issues.  Upon finding this information out, I passed it along to the lenders and Joe was income approved for the loan!

We thought it would be smooth sailing from that point on.  But I faced yet the largest hurdle on the day that the lender was to fund the loan to close the escrow.  The property had an unwarranted bathroom inside the garage because the previous owner had done a conversion of the garage into a bedroom.  And it was around 9am, that the funder of the lending company announced to me that this deal was dead.

While I wished that there was something that I could do, I knew it was not in my hands.  And at this point, I prayed that God would deliver this situation.  And for this time, God’s answer was , “YES!”. 

By 11am, the manager of the lenders called me to let me know that they would oversee this minor issue, and allowed the deal to close.

With the closing of the escrow, and a better salary in his day job, Joe was able to relieve himself of the night time delivery position, and the paper route.

I’m personally glad to know Joe, and God in this story, and to be the trusted agent through this process.