Financing a Home after a Short Sale or Foreclosure

Financing a home after experiencing a short sale or a foreclosure can be a daunting process yet not impossible.

However without proper guidance, potential buyers can be disappointed when their loan application is turned down, not necessarily because of a short sale or foreclosure but simply because they applied for the wrong type of home loan.

Got a question for Chad? Call (858) 353-8331 or request more info

This isn’t the buyer’s fault, it’s the loan officer at the mortgage company who didn’t understand lending guidelines in the first place. Mortgages can have some rather strict guidelines as it relates to either event and they’re hard to overcome. Impossible in most cases. If a guideline states a borrower must wait at least seven years before being eligible once again for a conventional loan while also reestablishing credit with at least three trade lines, well, it is what it is and there’s not too much the borrowers can do. That is unless the borrowers are guided to the proper loan in the first place. Before we get too much further in the loan details, let’s first review the mechanics of both a short sale and a foreclosure to understand how a mortgage lender treats either of these unfortunate events.

Short Sale

A short sale, by definition, is the sale of a property where the lender accepts less than what is owed on the mortgage as paid in full. Take a homeowner who purchased a home in say 2005 and paid $500,000 for it and put 10% down. Over the next few years the real estate market experienced a huge downturn and property values fell dramatically. The homeowner then decides to take the loss and sell the property and move on. But the homeowner can’t.

Why?

Not because the list price is too high but because the homeowner owes more on the mortgage than the home is worth.

Using this scenario, let’s assume the current mortgage balance is now $450,000 but the property is worth $400,000. A real estate agent prepares a market study and comes to the conclusion the home would sell, as is, for $395,000. The homeowner is also presented with a “net sheet” by the real estate agent that identifies the selling costs involved from the home that would be deducted from the sale. These costs include a 5.0% commission to the real estate broker, title insurance, settlement fees and other related costs for a total of $25,000. If the homeowner was not “upside down” with the mortgage the $25,000 would be deducted from the selling price and the homeowner would get the rest. Yet this won’t happen because the mortgage balance alone is $55,000 higher than what the agent feels the home will sell for.

Just to pay off the existing mortgage means bringing in another $55,000 to satisfy the lender in addition to the selling costs of $25,000 for a total of $80,000. That’s how much the homeowner would have to write a check for just to sell the property and the homeowner has nowhere near that amount. In fact, the homeowner is unemployed and in danger of losing the home to foreclosure. The homeowner is stuck.

Now enter the short sale.

Lenders will grudgingly accept a short sale request but only if the lender concludes there is no other alternative other than to foreclose on the property. Foreclosures are expensive for lenders and if the lender in this example did reclaim the property, the lender would lose even more due to the legal expense, selling costs and current market conditions. Qualifying for a short sale is more than just calling up the bank and asking if it’s okay to pay less than what is owed. Instead, the lender must document the current situation and explain why a short sale may be the best alternative.

First and foremost, the homeowner needs to document a hardship that is beyond the homeowner’s control. A qualifying example might be a job transfer to another city or even the loss of a job. A couple getting a divorce and wanting to sell the home is another. Second, the lender wants to know if this is a short term situation or one that could linger for quite some time.

The lender will also review the owner’s current financial situation. The owner then provides recent bank and investment statements showing how much cash is available. If the owner is underwater by $55,000 and the bank statements show $50,000 in the bank, the short sale request will be denied. If there are little to no funds available, the lender would then consider a short sale request. In fact, in this example where the owner is unemployed now and for the foreseeable future and there are no funds available to satisfy the mortgage, the lender would probably approve the short sale.

A buyer is found, the closing takes place and the outstanding mortgage is satisfied, releasing the owner from any future liability. Finally, how does a future lender know there was a short sale in a borrower’s past? The credit report will read something to the effect of, “Settled for less than owed” next to the old mortgage. This tells the lender the owner experienced an extended financial hardship and will be subject to greater scrutiny when applying for a new loan. So much scrutiny that, depending upon the loan, a borrower must wait at least four years before qualifying for a mortgage after a short sale event.

Got a question for Chad? Call (858) 353-8331 or request more info

Foreclosures

Perhaps the worst thing a borrower can do as it relates to being approved for a mortgage is having a previous home loan go into foreclosure. A foreclosure is the last resort for a lender and is a costly, lengthy process. Some mistakenly think that some lenders will make a loan to those with shaky credit only to take the property back a short time later due to nonpayment. This is far from the case. When lenders foreclose, they’ve already lost thousands.

Lenders must follow strict guidelines before a foreclosure can take place. Just because a homeowner misses a payment, even two in a row, the lender can’t take back the home. California is called a “non-judicial” foreclosure state because the lender doesn’t have to sue and appear in court before a judge. Lenders are allowed to file a Notice of Default after the borrowers miss two payments in a row, although some Notices are sent when the borrowers are four, five or even six months past due. The Notice is sent via certified letter and shows the borrower how much is needed to bring the loan current and stop the foreclosure process. The lender must then wait at least 60 days before taking the next step—selling the home at an auction. This entire process takes at least 120 days and longer if the borrowers contest the foreclosure action.

During this period, the lender and the borrowers can work out other agreements such as a loan modification where the lender changes the terms of the mortgage that adjust to the borrowers current financial situation. The lender might adjust the term of the note, lowering the monthly payment or reduction the interest rate on the loan. In either instance, the borrowers must be able to demonstrate the ability to repay the reduced payment. If the borrowers are unemployed or do not make enough money each month to pay the new mortgage in addition to current debt and expenses, it’s very likely the lender will proceed. However, as long as the owners are making a good faith effort to recover from their financial difficulties and can show the lender the bad times are only short-lived, a recovery can be made. A foreclosure is a last resort for a lender. A lender would rather work something out with an owner instead of foreclosing, especially in areas where foreclosure and depressed home values are the norm. In addition, the home may not sell at an auction. If the minimum amount the lender requires is not met, the home will then be transferred to the lender’s Real Estate Owned, or REO department along with the rest of the lender’s foreclosed inventory. Too much of this inventory and the lender may soon find they’re no longer competitive in the mortgage marketplace.  Lenders make money by making loans, not by foreclosing on them.

short sale or foreclosure

Standard Waiting Periods With a Short Sale

There are mortgage programs for those who have experienced a short sale or foreclosure yet the potential borrowers need to clear a few hurdles. The first is to reestablish credit. This might seem difficult at first because what credit company would issue a credit card to someone with damaged credit? There are in fact credit companies that issue credit cards and make automobile loans for those very people, helping to reestablish credit. Lenders will want to see a credit of 700 be attained as well however individual lenders can adjust this score requirement if there are other compensating factors in the file such as a larger down payment than what is required. Lenders may also require at least three trade lines be established with at least two years of timely payment history. A trade line is a credit line that appears on a credit report and can also include rent payments to a landlord or apartment building.

For conventional loans, those underwritten to guidelines established by Fannie Mae and Freddie Mac, borrowers must wait at least two years with repaired credit in order to qualify for a new mortgage. For those with a foreclosure, the wait is even longer. Seven years must pass with repaired credit. Conventional mortgages are by far the most common home loan type and have some very competitive interest rates yet after a short sale or foreclosure the waiting period is long. In either event, the borrowers will be asked to provide evidence the short sale or foreclosure occurred due to events beyond the borrower’s control.

Government-backed loans such as FHA and VA also allow for a new mortgage after a short sale or foreclosure. With an FHA loan, borrowers must wait at least three years from a short sale or a foreclosure. VA loans are the least harsh requiring just two years to pass for either a short sale or a foreclosure. This two year period will lapse quickly and often times not be enough for the potential borrowers to have sufficiently repaired their credit with at least a two year history of timely payments.

Got a question for Chad? Call (858) 353-8331 or request more info

Back to Work

FHA does offer a unique loan program that allows for a one year waiting period but only under some very strict circumstances. FHA’s “Back to Work” home loan is designed to allow buyers to finance a home with an FHA loan after one year of a “derogatory event” such as a foreclosure or short sale. Under this program, borrowers can obtain an FHA loan at any FHA approved lender.

There are some requirements the potential borrowers must meet, however, and there are few exceptions. First, the borrowers must document their income fell by at least 20% for a minimum six month period. This drop in income can be established in multiple ways such as providing copies of old pay check stubs and W2 forms. The lender can also contact the previous employer and get written certification the borrowers were either laid off or had their pay reduced by at least 20%. Note, this 20% amount relates to all members of the household, not just one individual. That means if two people are on the mortgage and one loses a job then two months later gets another if the 20% drop in income doesn’t last for six months the Back to Work program won’t work. FHA guidelines are strict in this regard and are the primary reason why this program is so difficult to qualify for. While the Back to Work program has good intentions, the documentation process puts this loan out of reach for most and they end up waiting the required three year period for an FHA loan after all.

Overlays When It Comes To a Short Sale

While a conventional mortgage or a government-backed loan is an option after the waiting period and reestablished credit is validated, individual lenders may have additional requirements that go beyond standard qualifying criteria. These additional requirements are referred to as “overlays” and are items such borrowers must address to satisfy the individual lender. Overlays aren’t applied to make loans easier to qualify for but to fortify an existing application with more requirements.

For example, a borrower had a foreclosure more than seven years ago and has reestablished three trade lines. Yet the lender requires that any borrower with a past foreclosure must put at least 25% down and have a credit score of 740 or better. While Fannie may not have this requirement a lender could. As long as a lender overlay applies to all borrowers equally, the lender has every right to put forth an overlay to mitigate risk.

Another overlay that can affect the loan is higher interest rates. Higher interest rates are typically reserved for so-called “subprime” borrowers who have damaged credit but even for those who are on the road to credit recovery can find themselves with a higher interest rate compared to another borrower with no such foreclosure in the past. Overlays can mean more down payment, higher rates and pristine credit.

And finally, these programs are also restricted by loan size and depending upon the area, may not be available for those who want to obtain a jumbo loan. If buyers want to finance a loan greater than the conventional or government limits, the buyers must put more money down to get the loan balance where it has to be or find other alternatives.

Got a question for Chad? Call (858) 353-8331 or request more info

Conventional Loan Limits

The most common type of mortgage is the conforming conventional loan. These are the loans approved using Fannie Mae and Freddie Mac guidelines. Both set their own loan limits and in most parts of the country the maximum loan amount for a conforming loan is $417,000 but here in San Diego County the maximum is $580,750 for 2016. Anything above this amount is considered a jumbo loan here in San Diego County.  This is important because the most competitive mortgage rates are reserved for this loan class. This $562,350 limit is for a single family home yet many buyers take advantage of this program to buy a two or four unit property. For a duplex, the loan limit is $743,450, a three-unit home has a limit of $898,700 and a fourplex is $1,116,850.

As we mentioned earlier, conventional loans require a two year waiting period after a short sale and a waiting period of seven years after a foreclosure.

short sale loan

FHA Loan Limits

The Federal Housing Administration also sets loan limits for loans approved using FHA standards. The loan limits for FHA loans in San Diego County are also $580,750, $743,450, $898,700 and $1,116,850 for a single family home, duplex, three-unit, and fourplex respectively. FHA guidelines allow for borrowers to finance a 2-4 unit home as long as the borrowers occupy one of the units. As well, FHA loans require a three-year waiting period for either a short sale or foreclosure unless the borrowers qualify for the FHA Back to Work program which has a one-year waiting period.

VA Loan Limits

VA loan limits are the same as FHA loans of $580,750, $743,450, $898,700 and $1,116,850. VA loans are restricted to honorably discharged veterans of the Armed Forces, active duty personnel with at least 181 days of service, those with at least six years of service in the National Guard or Armed Forces Reserves and unmarried surviving spouses of veterans who died as a result of a service-related injury. The waiting period for a VA loan is two years after a short sale and two years after a foreclosure.

USDA Loan Limits

The USDA mortgage program, designed to assist those who want to buy a primary residence in a rural or semi-rural area can take advantage of the USDA loan and not require any down payment. USDA loans are restricted based upon the location of the property as well as specific income limits. However, the USDA doesn’t establish loan limits but do restrict how much someone can borrow based upon prevailing interest rates and income limits of 115% of the median income for the area. Based upon this data, the approximate loan limit for a USDA loan is $340,000 to $417,000 based upon the number living in the household. The waiting period to use a USDA loan to buy and finance an owner occupied property is three years for either a short sale or foreclosure.

Portfolio Loan Limits

Portfolio loans are so-called because an individual lender does not intend to sell the home in the secondary markets like conventional and government-backed loans can. Instead, the loan is kept “in house” or in their portfolio. That means lenders can set their own lending standards regarding credit, income and loan limits. Portfolio loans are usually shorter term in nature such as two or three years, depending upon the lender’s requirements

Non-Conforming Loans

Non-conforming simply means loans that do not conform to typical conventional guidelines and have their own standards, much like portfolio loans have. However, there are secondary markets where lenders buy and sell non-conforming loans either individually or in bulk. These loan types also set their own guidelines with regard to short sales and foreclosures and do not necessarily adhere to a conforming loan limit but do have a maximum loan limit.

For example, we have a loan product that has a maximum loan amount to $1.1 million with a 15% down payment. This program isn’t restricted to a jumbo loan but does have the $1.1 million maximum. The important thing to note here is that there is another market outside the conventional government suite of mortgage products yet not all lenders offer them much less know about them. Some lenders simply concentrate their efforts on the most common loan types such as Fannie or Freddie type loans. But for those who want to buy a home after a short sale or foreclosure can in fact run into situations where a conventional loan or government-backed mortgage simply does not work while a non-conforming loan may very well be the answer.

Unique Jumbo Programs Post Short-Sale and Foreclosure

If the buyer has waited four years after a short  sale and has reestablished credit there are options other than for those needing financing but don’t want to put down 30% or more. We have a product that will finance a jumbo purchase up to 85% of the value of the property up to 1.1 million.

For those who have experienced a short sale or a foreclosure and have 25% available for a down payment we have a unique mortgage offering with:

  • Two years waiting period instead of four
  • 25% down payment
  • Extremely competitive interest rates
  • FICO minimum 700, better rates for >740
  • Maximum loan amount 1.5 million

We can also provide financing for someone just one day out of a foreclosure or short sale with:

  • One day out of foreclosure or short sale
  • 20% down to 1.5 million
  • Rates slightly higher compared to the 25% down jumbo loan program
  • Only one housing incident allowed

With 20% down we can offer financing just two years out of a short sale or foreclosure with loan amounts to $5 million as well with very competitive interest rates.

If you or someone you know has experienced a recent short sale or a foreclosure and doesn’t want to be locked out of the home buying process, there are programs available that just might work and they’re very competitive with rates and fees as well.

Short sales or foreclosures are an unfortunate event, but they’re not a lifelong problem.

Testimonials

Chad Baker and his team are amazing!

My husband and I found Chad through an article he had written. Every aspect of working with Chad and his team was exceptional. From our initial phone call where he explained the many options we had, to advice he gave in dealing with somewhat challenging sellers, and closing our loan ahead of schedule, the loan process with Chad and his team went very smoothly. I especially appreciated the one-on one guidance from Juliann, who really made me feel like I was her only client. I look forward to working with Chad and his team again and would highly recommend them to anyone looking for a mortgage.

As a first time home buyer, I wasn’t sure what to really expect, but Chad and his team made the process very clear and easy. Once the process was over, they didn’t just vanish either. They kept in touch and looked for opportunities that may benefit me. A couple years later, they found me a great refinance opportunity that saved me a lot of money! Once again, the process is long and grueling, but Chad and his team made it as painless as could be. Any barrier that I encountered, they found a quick solution to make it happen. Mortgages are a huge commitment and I wouldn’t pick any other team to help me make the right decisions.”

“Chad, it was a pleasure working with you. Your loan was smooth, speedy, and we were kept well informed. I will make sure to prioritize offers where you are the loan officer as I know they run smoothly.”

Excellent service!. Recently purchased a property in Northern San Diego County. Chad and his team were recommended to me to check out. The rate he acquired was a full point & a half better than the Broker I have been using for years. His team was exceptional and did great follow through. Definitely 5 star service!”

“Chad, Juliann and the team were great in helping me get through this process. It is not an easy process but they stayed with me the entire time and I am truly grateful. ”

“Hi Juliann and Chad, I wanted to take a moment and thank you guys for what would have been impossible for us to do without you. We wouldn’t have our keys in hand if it had not been for your help in navigating the financing, and Juliann’s perseverance in getting the rest of the players in the transaction to deliver. Out of everything, our interaction with your office has been a highlight – and your customer service has been beyond everything we’ve experienced in the real estate industry. Is there a way we can provide any reviews, ratings, testimonials, or other statements that can express to your potential future customers how much you guys do to make the customer’s life easy? Please let us know how we can share our great experience with you to the rest of the public. Whether we refinance this under a VA, or get in a bigger/better house in a few years, we’re not going to go anywhere else for financing. We are customers of yours as long as you are in business. Thanks again for getting us in a house!”

When looking for a house, we had couple recommendations for a lender. After talking with all the lenders, many were difficult to work with and couldn’t get it done as quickly as we needed. I was referred to Chad Baker’s team and I am glad we did. Not only did they get the things done quickly for us, they were very easily to get ahold of. It wasn’t rare to get a response within 15 minutes whenever an email was sent. I could not express how friendly and outgoing this team is. And on top of that, they came back with the best offer for us amongst all the other brokers. I am glad I worked with these guys. If you are looking for a lender…MAKE SURE TO CALL CHAD BAKER AND TEAM!!! Thanks Chad for all your hard work. Next time we buy another house I am calling you first!

Amazing Service!

Chad and his team were very attentive to all of my needs, they called , emailed and checked in often. No question was left unanswered! Maria was a superstar! taking all my calls no matter the time or day and walking me through every process. The follow through was amazing and I am just so happy that my realtor referred them to me. I was originally referred to another lender that pretty much had no time for me nor did they even bother to try and find me the right loan since I am a widow with one income and a first time buyer with so so credit. I am completely happy with my loan and everything they did for me! Thank you Chad, Maria and Karina for all you did!

“We signed all our papers yesterday afternoon. I wanted to thank each one of you for all your hard work and tenacity in making this happen for Michelle and I. This is by far the easiest closing we have been through. All thanks to you all. You all the best at what you do. No other group works like this together. Again, thank you all, from Michelle and I, we will be forever grateful. Absolutely the best team I have ever dealt with. From beginning to end, the customer service provided was beyond reproach. Everyone gave us their personal attention and that made it so easy.”

I was amazed how quickly Chad was able to knocked out our refinance!
I highly recommend Chad he & his team did an incredible job! I had 3 others I was working with, including a Credit Union. Chad was able to offer me a lower rate with no fees! Based on the other 3 top financial bids I had for this refinance. ”

Outstanding experience

I was referred to Chad by my Realtor for a purchase of a new house. The experience with Chad and the team (I mainly worked with Juliann) was nothing short of outstanding. From start to finish there were always quick to respond and when needed, notify me of any new documentation that was required. There were very helpful explaining to me the pros and cons of different financing options as well as some other loan related issues, such as termite clearance outside the purchase contact and septic tank certification process. Overall, very knowledgeable and processional team. Loan preapproval was done in a single day and loan documents were ready for signing in 21 days, which was 9 days ahead of schedule. That never happened to me before.

“Hey Chad – thank you so much to you in particular as well as your team. It’s been a real pleasure working with someone who’s as responsive and helpful throughout the process, as you’ve been. We really appreciate what you’ve done. ”

“Chad – Your team has been nothing short of amazing. Juliann has aggressively followed-up with escrow and gone out of her way to make sure things get done on schedule. Matt and I can’t express to you enough how much we’ve appreciated all of your counsel at the beginning of the process and her execution to see it through to close. As always, appreciate everything that you guys have done to see this through.”

“Hey Chad, Just wanted to send a quick note to Thank You for all your work and effort to get this escrow closed. It was a pleasure to work with someone as professional as yourself. If I have a client that ever needs a lender you will definitely be someone that I  would recommend.”

Great Job Chad Baker Team & Homepoint!
I was very impressed with the professionalism and quick response times from Chad Baker & his team during the entire process. I would highly recommend Home Point for mortgage needs. Great Job! ”

“We’re loving our new place and we’re very pleased with how smoothly everything went through closing. Thanks for keeping us up to date on the possibility of refinancing at a lower rate; we trust your judgement as far as waiting until the rate is around 5% lower before we refinance. We’re very interested in pursuing that if rates drop to that level. Thanks so much for all your help and personal attention!”

“Chad and The Chad Baker team really helped me from start to finish with my loan process. They were extremely responsive and provided me updates on a daily basis. I had a few personal issues that they helped me work through so I could get the best loan program and best rate. Very knowledgeable about the industry, rates and trends. I HIGHLY recommend Chad and his team. I’m happy to offer a reference upon request. Please ask Chad for my contact information.”

“Thank you for all the hard work (even on weekends!) you and your team have devoted to seeing this through in a very efficient manner. It’s been an easy process for me and, you and your team have been a delight to work with.”

Chad was very personable. His staff was very suportive.
I had the pleasure of working with Chads team. Everything went as planned. I was very pleased. I still want to take them to dinner. I am completely enjoying my new home”

I HIGHLY recommend Chad and his team.

Chad and The Chad Baker team really helped me from start to finish with my loan process. They were extremely responsive and provided me updates on a daily basis. I had a few personal issues that they helped me work through so I could get the best loan program and best rate. Very knowledgeable about the industry, rates and trends.I HIGHLY recommend Chad and his team. I’m happy to offer a reference upon request. Please ask Chad for my contact information.”

“Chad and his entire team were over the top amazing, professional, and attentive throughout the entire home loan/buying process. I could not have asked for a better team to have on my side through what could be one of the most challenging and stressful processes one experiences. From the first conversation I had with Chad, I felt comfortable with him. He helped guide us through the process without ever once making us feel uneasy, unimportant, or uninformed. I never felt silly or stupid for asking the same questions over and over until I fully understood what we were getting into, or until something made total sense to me. The home loan world is fast paced, overwhelming, and confusing, and Chad and his team held our hands and helped us to feel comfortable and confident about our choices. He and his team were always there for us day or evenings, weekdays, or weekend and never made you feel like you were a bother if you had a burning question you had to get answered at 8pm Saturday night. I will use them again and again, and suggest them to any friend, family, or acquaintance. Seriously, they are rock stars. They work hard for you to get you into your dream home, we could not be happier with their hard work, dedication, and kindness.”

“Chad and his team are exactly who you want handling the financing of your home. Whether it be a new purchase or refinance, he and his team are one of the most professional, responsive group of people I’ve worked with. Buying a home can be very stressful and Chad and his team took all of the necessary steps to make the process as painless and as quick as possible. They are extremely knowledgeable, organized and have great follow through. You won’t ever be left wondering what the next steps are. I highly recommend him and will use him in all of our real estate transactions moving forward.”

Incredible Turnaround and Stellar Customer Service. Chad and his team helped us get into our first home here in San Diego. When we first started the process we were skeptical it would even be worth applying. But Chad and his team walked us through the whole lending process with integrity and know how that surpassed our expectations. After helping us to pull together our pre-qualification, he and his team stayed at the ready. Before we even walked up to a home we were seriously interested in he had the data we needed over to us and our realtor. After finding the home we wanted to place a bid on, we were able to place a bid with a matter of a few hours. Then, after having our offer accepted, he had our loan package completed and the keys in our hands in under a month — I am pretty sure it was less than. Like I said, incredibly fast and professional turnaround. if you are looking for a motivated lender who can walk you though every detail and have your back every step of the way, Chad and his team at HomePoint Financial is your best decision. Recommend them highly!”

Outstanding experience

I was referred to Chad by my Realtor for a purchase of a new house. The experience with Chad and the team (I mainly worked with Juliann) was nothing short of outstanding. From start to finish there were always quick to respond and when needed, notify me of any new documentation that was required. There were very helpful explaining to me the pros and cons of different financing options as well as some other loan related issues, such as termite clearance outside the purchase contact and septic tank certification process. Overall, very knowledgeable and processional team. Loan preapproval was done in a single day and loan documents were ready for signing in 21 days, which was 9 days ahead of schedule. That never happened to me before.

“Chad Baker is THE BEST, most professional, understanding, HONEST person I’ve ever worked in the mortgage industry. He knows exactly what he’s talking about, will never promise something he can’t deliver, and will bend over backwards to get you what you need. I had a very unique problem qualifying and every other mortgage company I worked with assured me from the beginning that they could get me financed, and then it would all fall apart once we hit underwriting. Chad understood my circumstance from the beginning and patiently explained every step of the way. I can’t thank you enough Chad! Juliann has been great keeping me updated and making sure that everything comes together in a timely fashion. She also appreciates my sense of humor, which gives personality to a boring funding process. Thanks Juliann! I HIGHLY recommend Home Point and if I ever buy another home, will absolutely use them again.”

EXCEPTIONAL, SUPER EXCEPTIONAL! The most professional, accountable and committed mortgage service we have ever worked with. With numerous experiences in buying and refinancing homes, by far Chad Baker and his team remain at the top of our list. We feel very blessed to have located such a committed company who serve their clients with an exceptional first “first class” mindset.

“Good experience

I recommend chad because he is not pushy or trying to manipulate as others in the same business, the process was smooth with no obstacles, best team. ”

An ‘A’ Team!
We just closed on our second transaction with the Chad Baker team. They are very well organized and I can attest that they are looking out for their clients’ best needs. A special shout-out for Juliann B. who was our guide through the painful loan process. We found Juliann to be very responsive, kind, patient, and diligent in getting both our refis closed well.”

Excellent customer service – highly recommended!. I was referred to Chad by one of my friend. During our initial meeting, Chad walked me through the lending process and provided multiple ideas to start the home search. He got me pre-approved in couple of days. After looking for months, we finally liked a house but it was over our budget. He came up with an intelligent financing strategy and provided an excellent rate that let us purchase our new house. Chad and his team are patient, professional and always available – literally 7 days a week, 24×7. I can’t remember the last company I worked with that returned calls and emails in such a timely manner! I will happily recommend him to others.”

Thank you, Chad. You have been amazingly responsive to all my questions, and you have a great staff assisting you. Thanks so much for all your help!

Everything about our transaction with this lender was perfectly explained to us, easy to do, and they were able to help us get our loan closed ahead of schedule. It was a perfect 10 and we couldn’t have been happier with the whole thing

“This is the second time that I have worked with Chad (home purchase & refinance). He has become my subject matter expert and someone I depend on for all finance needs related to our home and real estate investments. My favorite things about Chad are his depth of knowledge, responsiveness, honesty and the great service he provides. I have referred countless friends and family of mine to work with him for no other reason than I know that he will treat them well and equip them for the best possible outcome. Chad will add tremendous value to any real estate transaction that you have and I am grateful to have him as a resource.”

“Chad and his group made the mortgage approval process smooth and understandable. Multiple updates and explanations during the process kept me informed of progress. Chad also provided great advice on other home services, in particular an insurance company that saved me thousands of dollars a year on home and auto insurance.”

“I wanted to reach out and tell you both Thank You for working so hard on my loan. I really appreciate how much effort you both put in to make it happen! Top notch, one of the best I have ever seen in the business.”

I was amazed how quickly Chad was able to knocked out our refinance!. I highly recommend Chad he & his team did an incredible job! I had 3 others I was working with, including a Credit Union. Chad was able to offer me a lower rate with no fees! Based on the other 3 top financial bids I had for this refinance. ”

Awesome Team

Chad and his team was awesome throughout the entire process. They made things easy and smooth, and able to answer any questions at anytime. By far the best experience with a lending team yet. Great job!”

A very responsible and experienced professional with his highly effective team

I really enjoyed working with Chad Baker and the rest of the team. This was our first time buying a home in California and we started with unnecessary assumptions based on our previous experience as home-owners in a different state. Chad and his team were available throughout the whole process, explaining the state differences, answering all our phone calls and emails quickly and directly, and providing detailed weekly status reports so that all parties including agents knew exactly where we were in the process. Chad was very experienced and provided customized loan products for us to consider, which definitely facilitated our transaction. I recommend the Chad Baker team! ”

“I must say I was extremely impressed with the professionalism and quick response from Chad Baker & his entire team. I screened over 5 lenders before selecting the Baker Team & boy am I happy customer. It’s evident that customer service is a priority for these folks.”

highly recommend Chad and his team. They were always available for any questions, concerns etc. we had. The process to close the loan went super fast. Chad and his team always went above and beyond. The customer service was the best! I will definitely recommend to all Thank you again for everything!

Chad and his team were Awesome to work with! I was referred to Chad by a good friend of mine. I was very impressed with the professionalism and quick response times from Chad Baker & his team during the entire process. I screened over 3 lenders before selecting the Chad Baker Team and I’m confident I made the right choice. It’s obvious that customer service is their #1 priority and it shows. I highly recommend Chad if you have lending needs. ”

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I hope you enjoyed reading this article. It's my goal to keep you updated with the latest real estate mortgage news. I'm proud to provide you with 100% original and unique content. Subscribe now to get high quality real estate mortgage content and articles delivered directly to your inbox. Chad Baker is Regional Manager for LendUS. Chad is consistently recognized in the top 1% of mortgage originators in the United States 2011-2017. Got a question for Chad? Call (858) 353-8331 or submit your question online