There are lots of problems, challenges, issues or whatever you want to call them in our industry today and they are plentiful for Realtors and loan officers alike. Here are some solutions for a few of the problems that Realtors face and in many cases, these aren't just solutions for specific problems but also a way to generate more business.
Problem1: The house my client is buying doesn't have appliances and to make matters worse, they would have to put the purchases on their credit card.
Solution: If your client is using an FHA loan, they can piggyback the Energy Efficient Mortgage to pay for a minimum of $4,000 in appliances including refrigerators, washer / dryer, water heater, A.C. units and more.
Bonus: Your client benefits from lower monthly energy bills, has new, worry-free appliances that probably won't break down anytime soon and will love you and refer more business for helping to provide a solution that most Realtors don't even know about.
Problem 2: There are too many offers on the nice homes my clients want to buy and many of the other homes won't qualify for FHA financing.
Solution: The FHA 203(k) Streamline rehab loan will allow you to show clients homes that have less competition and it won't matter if the house doesn't qualify for regular FHA financing. With the FHA 203(k) Streamline loan, your client will get the home they REALLY want since they will get to choose carpet, tile, cabinet finish, countertops, lighting, sink fixtures, appliances (yes, the Energy Efficient Mortgage works with this loan as well) and more.
Bonus: Their friends and family are bound to be so envious of your clients fabulous new house that you are bound to get lots of referrals.
Problem 3: You actually have a client who is interest in buying a big, beautiful home but he or she needs jumbo financing and they need it fast.
Solution: Many lenders' idea of jumbo financing is the conforming high-balance limit found in states like California. True jumbo is hard to find and the scrutiny in underwriting is over the top. The Home Ownership Accelerator loan will allow your clients to qualify for up to $2,500,000 at up to 75% LTV with exceptions to 80% LTV. The underwriting and customer service on this loan is top drawer; the file is not over-conditioned and the whole process takes 2-3 weeks.
Bonus: This loan is an amazing loan that pays off in about half the time of a conventional loan, often times even more quickly. Because of this, you are likely to get more jumbo purchase referrals from the happy client and you can partner up with financial planners who deal with high net worth clients for even more referrals.
The bottom line: By offering your clients solutions the average Realtor doesn't know about, you are able to create loyalty and build your business with lots of referrals in a time when most Realtors are struggling mightily. I'd love to help be a part of your solutions and I'd love to hear your comments and ideas...please share.
D. Jed Wunderli
Certified Mortgage Planner
Alterra Home Loans