Aimless waste of time.
Stay away from AIM at all costs!
Our experience (purchasing a single-family home as a second property) at AIM loan started innocently enough. First recommended by a coworker, AIM loan turned out the worst excuse for a loan originator that we could have possibly imagined. The initial pre-approval process was simple and smooth. The website was well designed and their automated tools were well designed. Our particular situation was complex enough that our application could not be handled by the automatic system and we were forwarded to a processor. She requested the standards docs and I was pre-approved shortly thereafter. This was not too surprising as I have 750 credit score, over 20% down payment and decent assets and 6-figure salary. I continued to make offers on properties based on my approved loan amount. I was very careful to provide a transparent picture of my assets and liabilities, which included cash flow. It was my mistake not to question why AIM loan was not asking for all of my supporting documents. Two months later, after I figured AIM had looked at the documents I provided, I felt confident bringing a contract to them for underwriting. Here began the trouble. The debt-to-income ratio suddenly was too high albeit nothing had changed since pre-approval. Why? Because one by one they removed cash flow based on some “investor guidelines” which could have been disclosed to me at the pre-approval process. Rather than cleanly denying me, they explained that a) my car loan, if eliminated b) my trust account if it had 3 years or more of monthly cash flow (we were $2,000 short over the three years) we may stand a chance. Here is a quote of what they provided AFTER they had ordered an inspection, for which we paid.
“If we are able to count the trust income (and the bonus income), then your debt to income ratio would still be at 58.275%. We would have to lower your loan amount to $225,000 to be able to meet the 55% maximum debt to income ratio requirement.
Or, if you would like to keep your loan amount of $300,000, then we would need you to pay off the Boeing ECU liability of $467/month ($20,672.00 balance) outside of closing. You would have to provide proof that it has been paid off prior to loan approval.”
So in 24 hours we had paid off the $20,000 car loan and increased the trust fund. Then they said no, again. They said these were not sure-fire solutions to our problems. Each email exchange resulted in a turn-around time of 24 hours because underwriters are available between 2-3PM to answer questions and the processors are glorified administrative assistants. After 3.5 weeks, and many exchanges, we asked for a supervisor. We spent a week with a manager—at this point our sales contract expired—but we received neither a rejection, nor an approval. The house was listed on the market one day after we applied with another company. We pleaded to extend, our agent put in additional incentives and finally we were approved. AIM took 3 months of our lives, cost us money and much stress, and led to no reward. Landover, the second lender, funded the loan 2.5 weeks after we had applied. I don’t understand how it is possible to have such different results when the financials, the house and the timing are all held constant. BTW, there was no difference in the interest rate or incentives in the end between the local bank and the online bank.
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