A lender your buyers can lean on, and you can reach
Kyle Kiss (NMLS #1820789) is a Vienna, Virginia loan officer with PRMG who works with real estate agents across Northern Virginia, and the way he works is simple: preapprovals built on reviewed documents and automated underwriting, steady updates to the buyer's agent once a buyer is under contract, and a call as soon as anything could affect the closing date.
I am licensed in Virginia, Maryland, and West Virginia.
Preapprovals you can stand behind in an offer
I review the buyer's income, asset, and credit documents and run automated underwriting before I issue a preapproval letter. It is not based only on what the buyer tells me.
Lenders use "prequalification" and "preapproval" differently. The words alone do not tell you much about a lender's process, and neither letter is a guaranteed loan offer. Ask CFPB (last reviewed Dec 5, 2023) describes that difference.
If you are the listing agent and my buyer's letter is on your desk, call me. With my buyer's OK, I will confirm the preapproval. That call confirms the preapproval only. Listing agents do not get financing timeline updates.
Once the buyer's documents are in, preapprovals are usually same day. That's typical, not guaranteed. It depends on the file and what underwriting needs to see.
A preapproval is not a commitment to lend. Final approval depends on underwriting, the property, and no major changes to the buyer's finances.
You'll hear from me, from contract to closing
You can follow your buyer's loan as it moves forward through my online platform, so you're not waiting on a call to know where things stand. I am also available by phone. Updates go to the buyer's agent.
The kinds of progress the buyer's agent will see include the appraisal, underwriting conditions, clear to close, and closing. I do not promise a specific notice for each step.
Listing agents do not get financing timeline updates. The only listing-agent contact is a call to confirm the preapproval, with the buyer's OK.
If something could change the price, the date, or the approval, you hear it from me as soon as I know, not from the closing table.
The buyer must receive the Closing Disclosure at least three business days before closing. I plan the file around that date. Ask CFPB explains when the buyer receives it.
Every file depends on the buyer's documents, the appraisal, and underwriting, so I can't promise a closing date. I can promise how I work.
Offers don't wait for business hours. When an offer is going in, you can reach me evenings and weekends.
When an appraisal comes in low
An appraisal gap is the difference between the contract price and a lower appraised value. The lender generally lends on the lower of the two, so the gap has to be covered or negotiated.
What happens next depends on the contract and the loan. In general, the price can be renegotiated, the difference can be split, the buyer can bring more cash, or the contract's appraisal contingency can be used if there is one. The contract terms are the agent's lane. I explain the financing effect.
The borrower can ask the lender to have the appraiser look again, for example when comparable sales were missed or a fact is wrong. Fannie Mae says the borrower may request a maximum of one reconsideration of value for each appraisal report. It doesn't guarantee a change in value.
VA loans include a contract escape clause so the buyer isn't forced to complete the purchase if the appraisal comes in below the price. VA.gov names that clause. For anything beyond that, ask your loan officer.
When the appraisal comes back, I share the value with the buyer's agent right away, with my buyer's OK, so there is time to plan around a gap.
Introducing a buyer: what to send, and what not to
There are two ways to introduce a buyer: the Get Qualified button, or a call or text to 571-648-7881.
With the buyer's permission, send the buyer's name, the best phone or email and a good time to reach them, roughly where they are (just starting, touring, or ready to write), and how you want updates.
Do not send pay stubs, tax returns, bank statements, credit reports or scores, Social Security numbers, or account numbers. The buyer shares those directly through the secure application.
Your buyer is always free to choose any lender. If they'd like to compare, I'm happy to be one of the calls.
Loan options I work with include the following. Which one fits depends on the buyer, the property, and underwriting. The list is conventional, FHA, VA, and jumbo, USDA, renovation, DSCR investor loans, HELOC, and refinance. USDA depends on property location and income limits. Do not assume a buyer or a place qualifies. Buyers purchasing a first home can read the first-time homebuyer page.
Guides you can forward to your buyers, and where I work
These are written for buyers, cite official sources, and are free for anyone to read. Forward them whenever they help.
I'm based at 8500 Leesburg Pike, Suite 202, in Vienna, and work with agents and buyers in Tysons, Vienna, McLean, Falls Church, Arlington, Alexandria, Fairfax, Reston, Herndon, Chantilly, Ashburn, Great Falls, and Bethesda, Maryland. I'm licensed in Virginia, Maryland, and West Virginia.
If you have a buyer who's ready to talk, or you just want to see how I work before you send anyone, call or text me at 571-648-7881.