Be Sure Your Lender Can Deliver

I just closed a deal that I learned A LOT from!! I was working with the buyer and had been working with her for about a year. She finally found a house that she liked that was NOT a short sale. She had put a bid on a short-sale last summer, but was outbid about a week before we should have had a decision from the lender. She took some time off from house hunting and finally found a house in Fort Walton at the beginning of February. She had been working with an out of state lender for all this time. She had been planning on doing an FHA loan which she was pre-approved for. This property however, could not be financed through FHA because it was sold recently. FHA has a 90 seasoning period where it will not finance a property that has not had the same owner for 90 days. She was then switched to a conventional loan. Everything else on the house came in good. The appraisal, inspection, WDO, survey and title work were complete and we were to close 2/27/2009. I received a call 2/26/2009 from her out of state lender that he couldn't close the loan as he could not get PMI for her. The seller was reluctant to extend the contract unless the loan could be guarenteed. So we scrambled and thankfully one of our local lenders were able to put it through. They did it initially on 2/27/2009 so that we could close, but we found out that the loan couldn't be funded on 3/2/2009 as her credit scores weren't high enough for the PMI. They were given a verbal decision on this on 2/27/2009 on what was required and not given the correct information. The lender scrambled again and were creative, but were able to do a conventional loan where this local mortgage company will hold the note until the seasoning period is over and then sell it as an FHA loan. They pulled it off and the loan was funded today. Amazing work. This in my book was a true miracle. God made a way where there didn't seem to be one. He prompted me to get in this business and I will always give Him the glory!