Back in September, I received a call from Ms. Destiny Lane. She had seen our Home Match Program flyer and inquired about the process. While talking with her, I learned that she had tried not one, but three different lenders. Each of them denied her, with one dragging the process on until the day of closing, only to deny her.
I took her application and confirmed that she had good credit standing, solid time at her job, and savings. The problem was her debt-to-income ratio, which was why she was being denied. While reviewing her application, I noticed that if she refinanced her vehicle, it would lower her monthly payment and decrease her debt-to-income ratio enough for qualification.
She had enough cash for the refinance but was planning on using that money toward the down payment. The Home Match Program came in handy because she was able to afford the refinance, and the matched savings program helped her with the down payment.
By identifying the issue the member was facing, we were able to leverage resources from the credit union and the FirstLight Community Foundation to ensure that the member was able to close on her home.
