Full Transcript is Below:
Gene DiPaula:
Welcome in to Home Run: Great Client Experiences, a podcast by NFM TV. I’m your host Gene DiPaula. Today we have a really great story. I’m really excited to share it all with you. We have our very happy client Deloshier Greene. She is in Chesterfield, Virginia. Welcome Deloshier.
Deloshier Greene:
Hello.
Gene DiPaula:
We also have realtor Sundra Johnson. She’s with J & S Real Estate in Midlothian, Virginia. She was the fabulous buyer’s agent in this transaction. Welcome Sundra.
Sundra Johnson:
Hello Gene. How are you?
Gene DiPaula:
I’m doing great. Thanks. Last but not least, we have branch manager from Richmond, Virginia, with NFM Lending, Greg Cowart. Welcome Greg. Great to talk to you again.
Greg Cowart:
Hi everybody. Good to see everyone again.
Gene DiPaula:
Absolutely. Deloshier, let’s start with you. I want to get some background in your story. Tell us about how you came to be looking for a new home.
Deloshier Greene:
We were previously in North Carolina. My husband is in the Army. We moved to Virginia. He was supposed to come here for a certain period of time for training. So we ended up renting an apartment. We thought we were only going to be there for a couple of months, but things happened and he got stationed here. So then we decided to start looking for a home. So we were looking online and we saw this house and it was in a new development. We talk to our awesome realtor, Elder Sundra Johnson about this new construction house, and she went to see it for us, video chatted. It was awesome. We came to see it and we fell in love.
Gene DiPaula:
Now I also understand though, that this house suddenly became available. So you had to act quickly, is that right?
Deloshier Greene:
Yes. Someone had already built this home and something fell through on their part. So yes, we had to act quickly. When we came to see the home, there were, I think, two other families who were also looking at the home. So when we found it, it’s a crazy market. So we had to move quickly.
Gene DiPaula:
And speaking of that, Greg, you suddenly got a phone call on a Saturday that this house was available, that Deloshier and her husband wanted to move on it. You knew you had to move quickly. Tell me about getting that call and your steps when you know that you’ve got to act quickly to make sure that your clients get in that house.
Greg Cowart:
Yeah. A lot of real estate happens after hours and on the weekends. Sundra can definitely attest to that. This is a real dilemma for loan officers because it’s not healthy to work seven days a week, 24 hours a day. I’m lucky to have a team, and we rotate being on call on the weekends. And so, so many things came together on this one that were all so cool the way it all played out. It really helps you believe in divine intervention. I happened to be the loan officer on call, and if I remember right, I happened to be working when they called in that day. So Sundra, thanks to her for saying give Greg a call. And all of a sudden there was a lot of urgency that we had to figure something out quick, because not only was the Greene family interested in this house, other families were as well.
Gene DiPaula:
So you get the call from the Deloshier. Most people think, okay, at that moment, you say to her, go online and start uploading documents, but that’s not the way you work. Tell me how you approach it.
Greg Cowart:
The negative part of our digital age is that we’re forgetting the human connection and to really learn, talk, listen. And so, yeah, Gene, we like to start off with just a 30 to 45 minute conversation over the phone, mostly focused on what the customer wants and that’s how we started that day. I think it was both Deloshier and her husband, Desmond, and I just remember listening to them and what their experience was. And that was the first step.
Gene DiPaula:
Great. Now, Sundra, this was new construction and there are a lot of times when people go into new construction and because it’s new construction and there’s a builder involved, they maybe think that they don’t necessarily need a real estate agent in that situation. Why do you think people should use a real estate agent, even if they’re going into a pre-planned community?
Sundra Johnson:
Because they want to have representation. The person that is there, usually the site agent, they can absolutely write the contract up for them. They can do the paperwork, they can get them to Greg, but at the same time they work for the developer or the builder. And so you basically are going in with no representation, which you have a right to, and so you want to make sure that you have someone that’s watching out for you specifically.
Gene DiPaula:
Talk about how you came to recommend Greg to Deloshier.
Sundra Johnson:
Well, Greg and I had worked together back for a long time, many years, and I know his experience, his background. He’s able to go in and get them done. They were under a time crunch, and so I knew, and I trusted him to be able to get them to closing on this home.
Gene DiPaula:
Deloshier, this was a VA loan. Your husband Desmond, as we mentioned, is in the Army. But you were concerned about the ability to use entitlements. You had talked to some other lenders, I understand, and they told you this is going to have to be an FHA loan, that there was no entitlement available. But in talking to Greg, you found out that that wasn’t necessarily the case.
Deloshier Greene:
We did a preapproval with someone else, and she was basically saying we would have to come out of pocket with a lot of money that we did not have. When we talked to Greg, he was completely different. We thought it was too good to be true, honestly, because he told us not a lot of people know how to work the VA loan. Let me see what I can do. I’m pretty sure I can get everything that you need without coming out of pocket. And he definitely did it. He’s the master at the VA loan.
Gene DiPaula:
So Greg, let me ask you about that because this is really interesting. I know a lot of people will have questions about this, especially people looking for a VA loan. Explain how the VA entitlement works and how you came to maximize the benefits for this couple.
Greg Cowart:
Yeah. VA is such a great reward for the sacrifice that our military make in protecting us and keeping us all safe. It is a hundred percent financing at a competitive interest rate, and Gene, what makes it so unique is that it doesn’t have mortgage insurance, monthly mortgage insurance, which in this case probably saves the family upwards of $300 a month. So when I had talked to the Greene family, I just really wanted to make sure that there was no way that we could get VA. I wanted to rule that out first. That’s a significant amount per month that they would be incurring. And if I remember right, everyone wants it all. I talk about that a lot. It’s okay to want it all, and we really wanted to hit a certain payment on this house that fit their family. And the other lenders had it half right. Gene, the VA gives the veteran a certain amount of money they can use on their VA loan.
Greg Cowart:
And it was true that the Greene family had exceeded on this house what was needed, but where the other lender missed, is there’s some interesting math you can do that by making some sort of down payment, you can quickly become within eligibility limits. So the irony here was the 3% they were going to have to put down with FHA, brought them within the VA entitlement limits. And no one, I don’t know why, but it is a little confusing and VA is a loan that the more you do it, it’s so unique, the better you understand it. And certainly enough in this point, by putting down 3%, they fell within the VA limits and we could proceed with the lower payment versus FHA.
Gene DiPaula:
The previous person that was going to buy the house had also been using a VA loan. So they had a VA appraisal. Since it had been done so long before, the value of the house was lower then. If you had to use that appraisal that could have affected how much money they would have had to bring to the table, but you actually came up with a way that was, I guess, maybe a little bit of a gamble, but it ended up working out for you. Explain that to us.
Greg Cowart:
Yeah. I don’t know how much the Greene family really knows about all that was going on behind the scenes. And the VA is one of these weird loans where the appraisal sticks with the house. But we learned that the old VA appraisal expired the week before closing, and so as long as I waited until then to order the VA appraisal, we could assign a new VA appraisal to this property, and really it allowed them to buy the house with a lower payment, a lower interest rate, and less money out of pocket. Even better, Sundra did a great job of really working with us that Saturday and Sunday, over the weekend to try to be sure we could even include getting closing costs covered. And Sundra, if I remember correctly, we were able to not only get the appraisal to meet the purchase price, but also roll in some of the closing costs into the purchase price to really minimize how much money the Greene family needed to bring.
Sundra Johnson:
Absolutely. And it’s about, again, the lender and the realtor working together hand in hand to make things happen for our client, because it is our client. They are the ones that we’re trying to get things done for.
Gene DiPaula:
Deloshier. How did both Sundra and Greg do letting you know where your loan was, where you were in the purchase transaction the whole time?
Deloshier Greene:
Oh, Elder Sundra is awesome. Her communications through texts or email was consistent. Anytime we had a question, it didn’t matter what time it was. I think when I actually saw this house, it was 11:30 at night, and I thought she would see it the next morning, and she actually texted back that night. As far as Greg and his team, his team’s way of communicating with you through email, and then also they have their website where it has a tracker where you can see exactly what step you’re on. We could upload documents at any time. We didn’t feel rushed because we knew that we could do it once we got home. And we would be able to see if it was approved or if something else was needed.
Gene DiPaula:
And talk about customer service. I understand that Deloshier and her husband were moving from an apartment to a big home and perhaps they might’ve needed some furniture. And I understand that Greg, you actually offered some of your furniture to Deloshier and her husband. So tell me about that, Greg.
Greg Cowart:
Deloshier is a teacher, and she was dealing with teaching and COVID, and she’s got her own children who were at home as well, and she was just sharing with me how she was juggling all these balls. And they had been in this apartment longer than they thought. She just radiates sunshine when you talk to her. And then to see her family, she just stuck with me. And we happened to be going through some changes in the house. It’s a big home they bought, and I just called her up one day and I said, “I’ve got some furniture. Feel free to swing by and take what you want.” And I just love win-win. For me, I could feel good about where it was going and for her family … Is it perfect? Maybe, maybe not, but it still fills up a room and lets her have a good starting point. So that was just another cool way to honor them. They’re just a touching, wonderful family. It’s really been a privilege.
Gene DiPaula:
I know, like we’ve discussed, the family has a service background and I know that you’re big on helping and reaching out to service members. So Deloshier, last question for you. You moved in, in April. You have two and a half kids, I believe you told me, right? You got one coming in soon. How are you loving your new house?
Deloshier Greene:
We love our new house. Yes. We have one on the way. So even though we thought we didn’t need the extra room, we actually do need the extra room, so it’s perfect. And thank you again, Greg, for the furniture, because it definitely helped. Of course moving is expensive and that saved us a ton of money. That touched our hearts to know that you cared that much about us to offer that. So thank you again. And the house, we love it. The neighborhood is quiet. They’re still building it up. It has so many bathrooms and sinks and rooms, more than we expected to have. So we are very blessed with what we have.
Gene DiPaula:
Well, thank you all. If anyone out there is interested in just a wonderful real estate agent, Sundra Johnson is with J & S Real Estate in Midlothian, Virginia. Her email is sundrajohnson, S U N D R A Johnson@gmail.com. Her phone number is (804) 921-5572. Or a fabulous loan originator. That’s Greg Cowart we’ve been talking to with NFM lending gcowart, G C O W A R T@nfmlending.com (804) 306-6463. This has just been a great interview. I really appreciate everyone being on and sharing this great story. Thank you all again.
Greg Cowart:
Thanks Gene. Thanks Greene family. Thanks Sundra.
Sundra Johnson:
Thank you.
Deloshier Greene:
Thank you.
Gene DiPaula:
You’ve been listening to Home Run: Great Client Experiences, a podcast by NFM TV. Thanks again. We’ll see you next time.
Speaker 5:
Home Run: Great Client Experiences is a production of NFM TV and NFM, Inc. NFM Inc does business as NFM Lending, NMLS number 2893. Greg Cowart’s NMLS number is 204399. This podcast is for informational purposes only. NFM lending is not affiliated with any real estate companies. You are entitled to shop around for the best lender and or real estate company for you. The real estate agent is not a mortgage lender. Contact NFM Lending directly to learn more about their mortgage programs and your eligibility for such programs.
Speaker 5:
The experiences of clients appearing on this podcast are individual experiences of those who have used our services. NFM Inc does not provide incentives for testimonials or reviews. NFM Lending is not a credit repair company. You should consult with a credit repair company to determine what may be best for your individual needs. This is not a credit decision or commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. NFM Inc is not affiliated with or an agent or division of a governmental agency or depository institution. Copyright 2021.