BUILDER RESCUE
A Financing Problem Doesn't Have To Become A Lost Sale
New construction buyers often spend months selecting floor plans, choosing finishes, finalizing upgrades, and preparing for closing. By the time the home is nearing completion, both the buyer and builder have invested significant time, effort, and resources into the transaction.
Unfortunately, financing issues can sometimes arise late in the process. Changes in credit, income, debt, employment, lending guidelines, or property-related requirements can affect a buyer's loan approval and put the closing timeline at risk.
That's when experience and speed matter.
At Open House Lending, we understand the challenges builders face when a financing issue threatens a scheduled settlement. As a Preferred Lender to New Home Builders Since 2016, we help evaluate the situation quickly and determine whether an alternative eligible path may be available.
Understanding the Builder's Challenge
When a buyer encounters a financing problem near completion, the impact can extend beyond the borrower.
Builders may face:
- Delayed closings
- Inventory carrying costs
- Construction schedule disruptions
- Extended financing commitments
- Uncertainty surrounding occupancy and delivery dates
- Additional coordination between all parties involved
A prompt review can help determine what options may still exist and whether the transaction can continue moving toward closing.
What We Review
Every situation is different, which is why we evaluate the complete picture, including:
- Existing loan work
We review documentation and work that has already been completed to identify what may still be useful under applicable lender and program requirements. - Appraisal
Our team evaluates the appraisal status and determines whether any existing appraisal documentation may be eligible for use or transfer when permitted by lender, investor, and program guidelines. - Income
We review borrower income documentation to assess qualification opportunities and identify any additional financing options that may be available. - Credit
A detailed review of the borrower's credit profile can help determine whether alternative loan programs or lending sources may be appropriate. - Property
We assess property-specific factors that may affect financing eligibility and closing requirements. - Timeline
Because construction and settlement schedules matter, we evaluate timing considerations and potential paths forward as efficiently as possible. - Available financing options
With access to multiple lending sources, we can explore financing alternatives that may better fit the borrower's situation and eligibility.
Appraisal Transfer Considerations
In some circumstances, an existing appraisal may be transferable or usable by another lender. However, appraisal transfers are subject to lender policies, loan program requirements, investor guidelines, and eligibility standards.
Open House Lending can review the situation and determine whether an appraisal transfer or reuse may be permitted. When transferability is not allowed, we will help identify the requirements needed to move forward.
Contact Open House Lending Today
If a buyer's financing has encountered an unexpected challenge, let our experienced team review the situation, evaluate existing work, and determine whether an eligible financing solution may still be available.
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