After 15 plus years in the mortgage industry I decided to get my RE license. I felt I a needed another tool in my tool bag, and I honestly feel that I like the RE side better than the mortgage side. I have helped hundreds of people realize the dream of home ownership while in the mortgage industry and will now strive to do this on the RE side as well.
Recent changes from MGIC,PMI and Gen-worth on mortgage insurance is something we all need to aware of. The new guidelines on mortgage insurance further helps making homeownership difficult at best. If scores are below a 620 and loan is above 80% its almost impossible for a client to get PMI, even if approved eligible (Top level approval) from FNMA (Fannie Mae).
This can be overcome with a flexible seller. If your seller will hold a 15% second mortgage and your customer has 5% funds you can still get FNMA financing on all levels of approval at 80%. Level 1-3(lower level of approvals).Talk with your sellers and see if they can do this and if so you may be able to put a deal or two together that would otherwise go by the waste-side on marginal credit buyers. Also I recommend talking with an experienced Mortgage pro that can structure these deals and has some knowledge of this type of lending. I recently closed a low score transaction that was falling apart because of the MI. I earned over 4K in RE commissions on what looked like an impossible deal.
Thus goes to show the value of knowing the finance and MI guidelines and your sellers ability to work with buyers. A mortgage pro is great to have as a valuable tool in your tool bag that can do creative financing! If you need a Mortgage PRO referral that is on the top of this and more in SC,NC or Georgia don't hesitate to email me.
Happy selling from Laura sells Lexington
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