Have a great weekend.
CEO & SR Credit & Mortgage Consultant of
Ex-Mortgage Broker of more than 10 years
You'd be surprised that many people live in NYC (and other expensive large cities) and will never own a home due to the cost...........................it's a big country out there - not everyone has the same needs or wants.
Pick a reason - there are many of them.
2) Not enough time to find a home
3) What they want and can afford are very different (not willing to take steps)
4) Credit issues
5) Down payment and don't qualify for a low down loan (FHA, VA)
There are more - but these are the most common I hear.
Kindred Real Estate
CA DRE # 01402946
There are many that don't know they can buy yet with fico scores between 500-579 with 10% down or with a minimum 580 fico score may qualify for 3.5% down or as low as half percent down payment programs. There are many lenders out there that tell folks they can't qualify because they don't have a 640 fico score which is my specialty. There are also many that think they need 20% down, excellent credit and three open credit trade lines to be able to buy which is not true with my FHA banks.
Although FHA has mortgage insurance, you can always refinance conventional with no mortgage insurance in a short year of so when you have 20% equity and other conventional loan qualifications. You may qualify with 3% down conventional with a minimum 700 fico score or 5% down conventional NO Mortgage insurance (Lender paid MI) with a minimum 620 fico score.
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms as necessary. There are many that have credit issues and some take a little credit repair. Everyone can qualify within a maximum 3 year timeframe as many are finding out that either foreclosed their homes or did a short sale and are buying again now.
You can buy with a minimum 580 fico score and only half percent down and minimum out of pocket expenses and pay less than rent in many cities. I find every excuse you can think of that people disqualify themselves without trying to pre-qualify OR have ran into a 640 fico score A paper lender that turned them down and dissapointed them. It only takes a few dozen questions to qualify any of your clients in minutes and get them out shopping for a home of their choice.
I work with many Agents/Brokers throughout CA to assist their clients with the many loan programs that I offer. I also have many of their clients in credit repair for a short time before I can issue a pre-approval letter. Here is a list of the documents needed for processing a loan approval, DU Approval or pre-approval letter within an hour to get out shopping and submitting offers. http://tinyurl.com/9w5vnlc
Here are some loan program links that I offer to share with your clients so we can get them out shopping today. I provide many loan programs available throughout CA cities with Zero down, half percent down, Stated Income loans, FHA and conventional and many more to fit their mortgage needs.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
Ali, Community manager