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Realtors: Get Off the Bench and Get in the Game! Offer FHA Loans to Your Clients.

By
Mortgage and Lending with Allied Home Mortgage Capital Corporation

 

Yes, I am a screaming fan of FHA and VA loans!

This past year, pre-qualifying your buyer has become even more difficult. What I can't quite understand is why realtor's are not offering the opportunity for their clients to pre-qualify for FHA loans?   Are they still under the impression the FHA guidelines are strict?  Possibly.  Perhaps its because their  loan officers are not licensed to process FHA loans?  And the buzzer rings!  

As we all know, one of the biggest strategies of the game is having the proper tools, or programs available to your client.  These government-backed loans benefit your client!. My favorite highlights are sellers concession up to 6% of the sales price, allowing gift funds, obtaining "A" credit interest rates even if you're not an "A" borrower, flexible qualifying ratios and underwriting guidelines.  Did I mention no pre-payment penalty and the Mortgage Insurance is tax deductible as of 1/01/07?  Did you know that if your buyer is looking for a lower monthly payment, FHA is the way to go? Did you know they allow non-occupying co-borrowers on the loan?  Well, now you do!

 

 

Comments (6)

Jose Martinez
Act - Decherd, TN
Is FHA really not strict at all any more...I don't do FHA but would like to start doing it....
Jan 17, 2008 06:43 AM
LaNita Cates
REMAX of Joliet - Joliet, IL
Melissa, Great post! I work with a lender whom I adore BUT he doesn't really work with FHA. He has said "no-go" on tons of people. But then a buyer called me and said she was given a name of another lender and can she try her? I of course said yes and guess what? FHA approved and we are closing at the end of the month. So I gave this new lender all the people my other lender couldn't work with and guess what? 90% have been approved with FHA!
Jan 17, 2008 06:43 AM
Dave Cheatham
INC Financial - Bartlett, IL
FHA loans will be the type of loan that allows many people to save a home and get into homes. 
Jan 17, 2008 07:02 AM
Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"
I actually have a client, first time home buyer, who is going fha, my first...I am interested to learn something new...
Jan 17, 2008 10:15 AM
Lori Lewis
Allied Home Mortgage Capital Corporation - Bethlehem, PA

Yes, there have been many occasions where I have beat out the competition because I could offer FHA.  I can remember me saving one client over $300/month because the competition was not certified to do FHA loans. I recommend for those who are not already licensed, to get licensed.  And for all those realtors out there looking to increase their qualified buyers, look for those loan officers that do FHA!! 

Jan 17, 2008 01:46 PM
Rachel Clem
Preferred Real Estate Services - Fredericksburg, VA
I (or rather my clients) have been doing alot of these loans lately.  I agree with your post.  FHA is the greatest thing since sliced bread.  LOL. 
Jan 21, 2008 07:11 AM