iLending Helps Make Home Ownership Possible

Background

Rosa, a single parent of a 21-year-old and a 19-year-old, lived on a fixed income and was working hard to complete her online program in Special Education through Grand Canyon University.

Challenges

Although Rosa was a highly motivated individual, she had no luck refinancing her car on her own. Not only was her debt to income ratio too high, but a poor credit record also hindered her chances to refinance. In fact, she found that most banks and other finance companies she contacted were unwilling to take her on as a refinancing customer. Without the savings refinancing her car would bring her, Rosa was unable to get her first mortgage.

iLending Smart Solution

When a friend finally referred Rosa to iLending auto refinancing, she had little hope of being able to purchase the home she desperately wanted. Yet once she spoke to her representative, Matt, on the phone she immediately began to relax. “They made it so easy,” she says. “Matt explained what iLending could do for me and then completely followed through.”

Results

iLending not only reduced Rosa’s monthly payment by $80 per month but also improved her debt to income ratio from 43.89% to 38%! The bank required her ratio to get down to 40% before they would give her a home loan. Because of her auto refinance, Rosa was able to purchase her first home, a dream she never thought she’d be able to achieve.