They are greatly already changing the amount of borrowers that can afford to buy with mediocre Fico's. So many Realtors are missing the boat on this FHA product and really dont have a credible approved FHA broker to use, or train them on how to pre-qualify there clients.
Those that learn this new product will be taking advantage of it numerous benefits, and scoop up buyers that other Realtors cant qualify.
Most Realtors that i interview or just have small talk with, were so shocked by what happened in the last six months that they are also over correcting the way they prequalify there clients. I hear all the time i only take clients that are putting down 20% with 740+ fico. Well there loss our gain.
We qualify everyday clients with FHA Jumbo products with 3% down in the low 600's or even high 500's.
If you need a referral for a great mortgage professional send me a message i would be glad to. This is the market to adjust. The listing agents are amazed when we send a contract over and it is for 3% down on a 750K home. They have been bitten with bad deals fallen through, so they are cautious. But in the end they are glad to approve the offers.... more