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Adding to the deal’s complexity, the targeted home was a planned unit development – known in the mortgage nomenclature by its acronym, PUD. This is a special zoning designation adopted as an amendment to an area’s zoning rules to create a new residential or commercial development. Once the city council approves it, a PUD zoning change transfers with the property to any future owners.
“BorrowSmart was created for markets like Chicago and Detroit,” Fowler explained. “I’m in Chicago, Cook County. It’s very difficult to find an FHA-approved PUD and condominium. The borrower purchased a PUD, so the stars aligned perfectly for her, and I definitely do love the program.”
Fowler is in her third year as a mortgage loan officer, and has also been licensed as a real estate broker for four years. Additionally, she’s also a pre-licensed instructor. “So just doing whatever I can to bring real estate brokers into the industry, to educate them on the types of loans to get the clients to closing. I’m teaching brokers, I’m selling real estate and, most importantly, I’m doing mortgages.”
Fowler said she derived much fulfillment in having helped the military veteran borrower, and she considers the case the highest point in her career thus far.
“I think it was probably the highlight of my career,” she said. “We’re not in this for the highest loan amount or the highest purchase price. We’re here to make a difference in people’s lives. She’s a first-time homebuyer, and she didn’t think she could do it. It was a very frightening experience just because she didn’t have a lot of notice in making a life-changing decision. The fact that she trusted me with that, I will be forever grateful.”
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