PATIENCE IS GOLD

One of the valuable qualities for anyone involved in the mortgage and real estate businesses is patience. It has been very well demonstrated during one of my recent transactions.

I first met with Eugene in January this year. He was referred to me by a real estate agent. As a general contractor,  Eugene declared decent income. However, he had very little money for the downpayment. As a contractor he was looking for the properties where some work needed to be done. Then his search switched to units. However, the down payment was affecting his choices.

We were planning to get him an FHA loan with 3.5% down payment. And then he found something which was not on his radar before – a condominium. The project was not approved by FHA. However, we were able to find a loan where with 5% downpayment he could get the interest rate of 5.99%. The entire process took nine months and, as you may guess, required his and our patience.

Last week, Eugene inked the deal in our office. The signing process was filmed with his permission so we could make the video available for you at this link.

With questions feel free to call me at (415) 225-7920. Or send me an e-mail to mannykagan@comcast.net.

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602