My REALTOR partners are closing sales for Tucson buyers who have income, but have saved little towards a downpayment. Buyer demand is strong for zero down homes, or nearly zero down. Here's what you need to do to close more sales using the advantages of an FHA mortgage:
This is value selling of the best kind. It positions you and your lender as people of action who can meet the needs of both buyers and sellers.
I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Think of me as your local expert.
I show up ON TIME. I do WHAT I SAY I'm going to do. I FINISH what I start. If I mess up, I 'FESS UP & I fix it. In the mortgage business, these 4 things are why you'll want to do business with me.
Memorial Day Hike: Mt. Lemmon Summit to Catalina State Park (Part 4)
Memorial Day Hike: Mt. Lemmon Summit to Catalina State Park (Part 3)
Memorial Day Hike: Mt. Lemmon Summit to Catalina State Park (Part 2)
Memorial Day Hike Down Mt. Lemmon to Catalina State Park, Tucson, Arizona (Part 1)
Little Walnuts Walking on Sticks. A Gambel's Quail in my Geranium Pot.
Interest Rates: This Morning (First Thing) Will Be a Good Time to Lock
Birding in Tucson, AZ: Madera Canyon and the Elegant Trogon
Looking For A Sign? The End Is Near.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
We're going to have to get together sometime soon so that you can edumatate me better on how I can make this a stronger part of my work with clients--and make things smoother for you in return!
Kent,
It would be my pleasure.
Mike in Tucson
FHA Loans have been attractive for many years, just now - a little more attractive since credit tightened up. Many sellers in my area are unwilling to pay more than 3% towards a buyer's closing costs, prepaids & points. Then if Ameridream is brought up, seller's here cringe. - Carla
Carla,
Find another house for your buyer. Sellers are dropping their prices a lot more than six percent in this market, and this is a way to move the house that's been sitting there for months.
There's no reason to cringe at Ameridream. It costs very, very little to the seller, nothing to the buyer, and there's just one form for the seller to sign.
Mike in Tucson
Thanks Mike, I subscribed to Eleanor. I am going to some classes up here to learn more about all of this.
Hi Mike, your posts are proof of why you are so valuable to us, and to your clients.
Mike: Thanks for sharing this -- it's a good reminder about FHA Financing.
MIKE - I had no idea that there was such thing as a DPA. This is great information to have, as it opens up the door for many more buyers to obtain FHA funding. Thanks for the tip.
Mike, thanks for this useful information. As always another good post.
Don R.
Mike - good post. A lot of readers have never used these type of programs.
Mike - I've been attempting to preach this now for awhile. Realtors are just starting (??) to get desperate enough to listen to me. ;-)
Matthew,
For a long time, FHA was seen as a drain on the seller. Not anymore! It's moving houses. Thanks for commenting.
Larry,
Thanks! That's true.
Don,
It's good to see you. Thanks for commenting.
Adam,
Call your favorite lender! It works.
Kathy,
You're welcome. Thanks for commenting.
Susie,
Thanks for being so encouraging!
Doreen,
It was good talking with you yesterday. This will help you sell more houses!
Mike in Tucson
Mike, great post..... but there was one thing: you wrote: "Fannie Mae guidelines allow seller contributions of up to 6% of the sales price of the home." You meant FHA instead of Fannie Mae, right? Last I heard, FNMA did away with the 6% seller contrib that they used to allow in connection with the MCM.
Best regards.
Thanks, Mike, I need that language for the offer I hope to write this weekend!
Virginia,
Much success with your offer!
Juan,
My tongue got in front of my eye teeth, and I couldn't see what I was saying. Thanks, buddy! I'll edit.
Mike in Tucson
Mike! Some people also call them DAPs - probably depends on the part of the country you're in! Great info for folks (as always!) - E.
Mike, really good information and nice brief instruction on the DPA process. I've closed several deals like this. I know it's controversial to some, but my clients that have used it, are happy. Using a very knowledgeable and helful FHA lender is key to making it go smoothly.
We also have good bond money here in our area as well for first time buyers that is an absolute God Send for some that are able to use. Only problem there is that the available money doesn't last long and even though income ceilings are pretty high, some still do not qualify.
I've been doing tons of FHA loans compared to like 2 last year! I like them. They are harder and you need to really be on top of things but they are awesome.
Good post, I also like the DPA program from The Genisis Foundation, another tool in the box--Bart
Save Ameridream and other Down Payment Assistance programs
If you haven't done so, go to this website, http://www.rallyforhomeownership.org/
It only takes 30 seconds. This form will go to your local Congressmen and Senators.
CONGRESS MEETS ABOUT THIS TODAY!
HUD should modify to lessen the risk BUT don't get rid of it. This is one of the last loan programs out there right now that can get buyers into a home with no money. (They still have to credit and income qualify)
http://activerain.com/blogsview/605114/Down-Payment-Assistance-Congress
MORE ON THIS STORY IN THE WASHINGTON POST
Thanks for commenting here, and giving the link to the HUD comment site.
Mike in Tucson