$0 down FHA loans, are they really back?

Posted: December 29, 2010 in Arizona Mortgage Rates


So what if I were to tell you that they never went away?  What if I were to ask you, “how much more business would you have had in 2010 if the lender that you had partnered with offered you this product?”  That is the question that I’d like to know.  So even though congress passed a law that required FHA buyers to put down money on an FHA purchase transaction, they never wrote anything in the bill that said the same thing about “REFINANCING“.  So how about a lender that would get a full FHA loan approval for a pre-qualified buyer, then go to a hard money lender to get the upfront funds needed to buy the home and within 30 days, they did a Rate and Term refinance on their new property, freeing them up of having to pay a high interest rate to their hard money investor.  Does that sound like a sale that you could make to a buyer that didn’t want to put down the required 3.5% on an FHA purchase.  I think that could have made you an extra 2 or 3 or 4 deals in 2010.  And if you were to market it correctly, maybe an extra 10-12 deals.  It’s all up to the agent. 

So make it your goal in 2011 to team up with a lender that offers this type of innovative financing for your buyers and sellers.  And especially make sure your team up with a lender that brings something to the table for YOUR business.  If your lender doesn’t offer innovative financing options and all he/she does is asks for business for them, turn to them and ask what they offer above and beyond “fast turn times” or “docs out early”.  We can all do these type of things fairly easily!

One of the tools that I offer to my agents is EpropertySites.com along with knowlege about how to use ActiveRain and EpropertySites together to showcase their listings on the first page of Google.This way I can offer my internet marketing knowledge that I learned from IMSDesignation.  I can show them how being a part of ActiveRain as a Rain Maker is vitally important to being successful in the new age of marketing.  I want them to know that they shouldn’t spend money on advertising that can’t be measured very easily.  With a site like EpropertySites and a blog like ActiveRain, who wouldn’t want to showcase to their sellers that their sellers home is on the first page of Google.  And what seller wouldn’t want to be able to sit down on their computer, type in some key search terms, and see thier listing built into a single property website that their Realtor® put there for them.  

So if your loan officer is not offering services that will help you grow your business, then give me a call sometime and let’s make 2011 a great year for all of us! 


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