So, you would like a loan program tailored to your specific needs? In some cases this may be considered an “exception”, something that is outside of specific loan program parameters, i.e., a credit score requirement, down payment, property type, lower interest rate, waiving a fee – these would all be considered exceptions.
Your loan officer will naturally tell you their lending criteria and if you need an exception they will let you know if that is something that they can try and help you with, I emphasis try to help you with. Your loan officer will need to present the request, running it up the flag pole, outlining the details and why the bank should consider it, what are the compensating factors, why does it make sense? Now, what a lender has to consider is if by granting this exception will it be viewed as an unfair lending practice or disparaging treatment. When a bank is audited or when the Regulators pay a visit they examine loan files to see what type of loans were done, including exceptions – why were they made? The lender has to be accountable for why your exception was granted vs. any other loans that weren’t given this same consideration – is it fair lending?
I bring this up because all of us have something that we need when it comes to banking that would be “helpful”. What I want you to know is that your loan officer and the bank aren’t trying to make your request difficult, however they have to ensure that everyone is treated fairly and your particular request may not be one that they believe they can approve based on that.
Remember, your loan officer is your advocate – it may not work out, however you won’t know if you don’t ask!