In a conversation with the MPA, Stoy explained why the family decided to take such a long and arduous journey in the midst of the pandemic. “It was expensive for them to buy in California, but because his job allowed him to work remotely, they decided to move to the east coast where it was more affordable,” he said.
The next chapter of the story will take exactly 110 days, from the first contact to the happy ending. The first problem was finding an appraiser who would accept the order, since the house was in a relatively remote location.
“It took forever to complete the assessment. Then we had to go to a second underwriter because it was a USDA loan, ”Stoy said. “There were a lot of delays and of course we wanted to get them out of the RV as soon as possible.”
Understanding the structure of the borrower’s income was also a daunting task. “Having a preliminary understanding of income about how he worked for the same company but was paid through two different W2s meant we had to work with underwriters to overcome this problem,” he said.