Loan originators have a toolbox of mortgage products that can assist clients purchase or refinance through these unusual times. When a challenge occurs, pay attention to services available and to acceptable methods that can ultimately assist purchasers. And make sure realtors know about these details!

Have you experienced a “hard to do” loan but the end result made you aware of new options that could help more clients? Don’t shy away from assisting Millennial and Gen Z potential homebuyers. Options they use can help you with other clients!

✓ Many younger buyers now use no frill, basic phone apps like “Chime” for banking that don’t require monthly costs. “Cash App” is used to transfer rent. Printouts from these apps to get common mortgage information needed can be tricky and may include other funds that need to be explained, but the basic “who the funds go to” and “how much” can be shown.

✓ Freddie Mac Home Possible just reduced the cost for purchasing multi-family 2-4 units to 95%LTV for owner occupied purchasers at or below 80% Area Median Income (AMI). This makes these units often scooped up by investors more affordable to purchasers who don’t mind having their primary home attached to a tenant’s home. Young purchasers are more open to purchasing multi-family homes that are often older properties and sometimes in less-desirable areas. These buyers see these attached dwellings as income producers that can help with the mortgage payment, and they often improve common areas with shared amenities like a garden or space to relax. 

✓ In the credit category, did you know that a credit report that uses Meridian Link can pinpoint exactly which credit bureau a Rapid Rescore needs to be directed at? Meridian Link can break down the payment history for each of the three credit bureaus, Trans Union, Equifax and Experian, for each creditor on a credit report. Finding out which credit bureau is providing negative information enables a quicker resolution with less cost.

✓ HUD approved housing counselors can provide specific credit help, whether just building credit or assisting with credit issues that need to be resolved. THIS IS NOT CREDIT REPAIR. HUD housing counselors can work with clients not yet ready to purchase and the cost is minimal. Seek out HUD counselors who have the expertise you need for clients and refer clients to them. The benefit comes when you have developed a pipeline of future clients who are prepared for a mortgage because of the attention provided by these HUD counselors. For more information visit our home budgeting page.

✓ Know what Down Payment Assistance (DPA) programs are available and what the criteria is for clients. More and more clients are needing help with funds because sellers don’t need to contribute funds in today’s competitive market. Qualify your clients upfront with DPA assistance and put them in the competitive mix for a home. For more information visit our down payment assistance page.

✓ Fannie Mae will allow student loans to be paid off with a refinance without charging loan level pricing adjustments (LLPA) for a cash-out! This is especially useful for homeowners with student loans coming out of forbearance. 

Call for more details, 727-534-3445.

Visit our getting mortgage ready page to start budgeting for a new home.