I would like your perspective on how places like Acorn will manage during these times? I have 2 friends who just when this thing started to blow open had submitted there application to Sawmill Land trust, who then submitted it to Wells Fargo and then to underwriters. They were accepted by Sawmill, Wells Fargo , thought it looked good..............underwriters said no. Wells Fargo, (they have a special person for Sawmill applicants within the bank) said thats nuts and sent it back and resubmitted it to underwriters, and again rejected.
If these people met the criteria for Sawmill. In other words not too small an income, but also not too much, and they got turned down. What will Sawmill do with existing houses that were close to being finished?
I am sure they are governed by rules, and they cant just change those rules because of this mess.
Not sure you can answer this but am curious about place like Acorn, Sawmill and other organizations that try and help first time home buyers, young people, and folks with out years of impecible credit.