Sometimes, you have to think outside the box...

Unless you are a cat!  

In our market, a lot of times, we have to be creative to make many transactions work and if you have a prospect that needs a creative mind, call me!  Here are a few examples of things that we might try:

• Approve the parents and let the children live in the house for a monthly rental that we can apply to their parents ratios.  Some programs are not too picky about the "arms length" transaction as long as the kids have rental history.  We'll need a rental agreement to show the underwriters.
• We can also help them by giving advice on how to pay off collections and how to pick up a secure credit card to help build credit.

• Try selling an asset that we can prove they owned, prove what it was worth and prove they sold it. (cars, furniture, jewelry, motors, boat, trailer, camper, bikes, tools, equipment, timber, tractors, electronic equipment, etc.)
• Get a gift from a family member.
• Borrow money from a 401K.
• Try getting a seller-second.
• Get a seller concession for 3-6% depending on the program and expected appraised value.
• Try getting a down payment assistant grant like Ameridream, Genesis, Nehemiah.
• Look at a piggy-back loan scenario.
• Look at our No Closing Cost programs called Z-pricing!

• We can look at a stated income program or a no doc program.
• Try to pick up another borrower.  If can go FHA, can pick up a non-occupied property buyer with only 3% down.
• Try some of our fixed programs with a 10-year interest-only period.

• Look at a No No No program that has no employment verification.
• If at least a 680 FICO with 5% down, might not have to document income in our VIP program without getting a rate bump like with our stated or no doc programs.

• Get the sellers to install a permanent foundation contingent with the offer, if needed to close.  Call me for a referral source that also provides the PE assessment that can do this in 2 days.

Believe me when I tell you that we love thinking outside the box and try not to leave any stones unturned in trying to get all of your prospects pre-approved and in a great program that meets their needs.

We want to make sure you are successful and once we get them pre-approved, we'll stay in contact with them and help you try to get them in rate protection to double your success rate.  

Sam Thompson, PHH Mortgage

http://samthompson.phhmortgage.com/