Colorado Lenders asking for COVID Letter from Employers

[Chris Reyes]

My wholesale Mortgage Broker just informed me about more lenders are bringing back "Covid Letters" which pertain to having the employer essentially Gurantee that the Cornavirus will not have an affect on the persons employement. This has actually thrown a wrench in my plans to aquire a duplex in Denver, and has forced me to either ask for the owner to carry or another way to finance the property.

Have other states ran into this situation? How have you dealt with this additional hurdle for traditional financing?

[Sean Gribbons]

Chris, first thing I would do is call around and confirm other lenders are doing the same. 

I know of a hard money companies here in town that do a 30 year long term financing obviously the interest rate is higher but could be a temporary situation to get you into the property if you really want that duplex. Happy to put you in contact with my person over there. 

I have a feeling 12-18 months from now the lending restrictions wont be as strict.