I just wanted to share my experience with Tri Pointe Connect (Preferred lender for Tri Pointe Homes, Pardee, Trendmaker, Etc). I am already prequalified at both a Lennar property (Eagle Home Mortgage) and a Brookfield property (Loan Depot) here in Southern California but Tri Pointe recently released new townhomes for a steal. I was all for more square footage, bedrooms, bathrooms, for a lower price. Decided to prequal but came back with a rejection with my current debt to income ratio. I already knew I came in at 51% due to FHA guidelines considering 10% of my total student loan debt rather than my actual monthly payment plus my extra car loan for my work car, which is actually paid for by my employer, although, it is in my name. They have FHA overlays that come in at a max of 50% back end debt to income as the max is normally 54%. Both Eagle Home and Loan Depot were able to get me a preapproval at 51%. They mentioned me being able to get a pre approval at 3.99% if I sell my personal vehicle but I didnt want to take that option just yet. Just an FYI for anyone who is looking at Tri Pointe Group's preferred lender.
Paying off one of the cars would affect just my DTI, not the interest rate. My mortgage enhanced middle score is 672.
@Anonymous wrote:Just following up. Did you go with Tri? I'm thinking about doing a pre-approval with them.
I did end up going with TriPointe Connect. I sold my 2nd car to Carvana to lower my DTI as I closed when COVID became a thing and most mortgage overlays got a bit more strict. The second time around, I got a different loan officer who was a gem to work with. He made the process so much better and I was able to close on time with a 2.875% rate. Because my loan officer was so great to work with, I highly recommend TriPointe Connect.
I believe TriPointe Connect works as the in house lender for only Tri Pointe Group brands. TriPointe Homes, Quadrant, Pardee, Maracay, Trendmaker, and Winchester are all part of the TriPointe Group. However, TriPointe Connect is actually just a mortgage broker through Loan Depot. I believe Loan Depot is national and they are overall pretty good to work with.
I'm sure you're able to for a conventional loan