Here's a real story, and it happens in every market, every day.
The builder's site Realtor gets a call from the builder's mortgage company that goes something like this..
"Alan, That buyer of yours that was going to close in two weeks; not gonna happen. Looks like the credit score dropped below 575 and with all the changes in the industry...sorry! Better luck next time."
Being a Commissioned Sales Person, he calls a ton of local lenders who say "not gonna happen". Finally, he was referred to us as the guys that help boost credit scores during the loan process and made that call.
The Secret Most Agents Don't Know Is That A Typical Credit Score Can Be Boosted 20-50 Points In Just A Few Short Weeks!
With a 1 week extension and mostly some quick re-distribution of credit, we were able to raise the scores high enough QUICKLY enough to get him into a Fannie Mae loan at 100%.
That one phone call to us made this site Realtor an extra $6,150 that his builder told him wasn't there.
The Moral Of The Story - Have a mortgage professional who is an expert in both the Credit Scoring Model and Credit Remediation in your back pocket, especially with the massively tightening credit requirements.
I like to get as much knowledge as I can to our Realtor community, so I have a special FREE offer for you packed with information on how to thrive in a weak market...
If you are a REALTOR in TUCSON ARIZONA and would like a FREE audio CD copy of Success Strategies For Today's Market: An Interview with David Jenks, co-author of the best seller The Millionaire Real Estate Agent email me at PDmtg@comcast.net.
I have paid to procure the license to distribute a limited amount to Tucson Area Realtors, and it is yours for FREE...on one condition; you agree to meet with me, one of the top Loan Originators in Tucson for a cup of coffee. If you aren't in Tucson, I still want to see your success, so shoot me off an email and I will find a way to get one to you.