We are excited to celebrate another major achievement by Benjamin Kaziyev, a dedicated Mortgage Loan Officer (MLO), who recently closed a challenging loan for a borrower purchasing a co-op in Great Neck, Long Island.
This loan presented unique hurdles, as the borrower had no consistent income, working various odd jobs paid in cash. Traditional loan programs requiring tax returns and W-2s were not an option, making it difficult to qualify through conventional means.
To navigate this situation, Benjamin leveraged the no-income loan program offered by Quontic, a lender that provides a no-income option for co-ops. Instead of tax returns or W-2s, the team utilized the VOE (Verification of Employment) program, which only requires a letter from the employer certifying the borrower’s employment status.
Despite the right loan program, the process was not without its challenges. The bank’s slow processing and repeated loss of documents required the team to upload each document an average of three times. However, Benjamin’s persistence and problem-solving skills ensured that everything stayed on track, ultimately securing loan approval.
This success highlights the importance of flexibility, expertise, and working with lenders that offer creative financing solutions for non-traditional borrowers. Thanks to Benjamin’s dedication, this borrower was able to achieve homeownership, despite not fitting the typical lending profile.
Every borrower’s situation is unique, and having a knowledgeable loan officer can make all the difference. If you or someone you know is struggling to qualify for a loan, reach out to Benjamin Kaziyev to explore tailored solutions that fit your needs.
