The Biggest Battle: My primary residence

[Christos Philippou]

Flash back about 7-8 months ago when I am finally ready to get a loan for my first primary residence. I am currently renting an apartment, but I have purchased and renovated two buy-and-hold investment properties in the past 8 months. It was finally time to get out on my own and get my own primary residence.

Flash forward, I am working with X lender (not sure I want to put them on blast too hard). They are asking all this crazy stuff, making me bend over backwards to get this loan. I understand they do that. BUT, it's maybe 10 days to closing, I am in Europe enjoying my honeymoon, and they tell me they won't give me a loan. They said because I have 2 investment properties and now I am trying to buy my own home to live in with my family, they won't do it. So they make me write up a LOE for this, saying it should do it, it should work for the UW. A few days later, nope. Not going to work. They found: posts on an investing forum online. They trolled the internet to see posts like these, learning about real estate. 

So I ditched them and went with my realtor's recommendation: Wells Fargo. They closed the loan in a little under 4 weeks. They couldn't care less I had 2 investment properties and now ready for my own. They were extremely friendly, personable, and were extremely happy to see me into my first home. 

Odd success story here, I know. But it's time to get moving out. Fresh paint goes on tomorrow, some recessed lights in the living room, etc. I can now focus on future investment property deals with peace of mind in my own new home haha.

If you care to know who the original lender was, shoot me a message and I will tell you. It's a pretty big bank.