Hey beloved Realtors! When you get an offer on one of your listings, find out what kind of loan the buyer is trying to get call me and I'll give you some things to check on to make sure you won't run into last-minute issues that could delay your closing.
If it's an FHA loan, there's lots of guidelines the property has to conform to. Better to know them upfront and if you can meet the guidelines right away. I can share my 23 years of FHA lending experience with you that most lenders don't have. A lot of lenders are getting on the FHA band-wagon now, but don't know what to watch out for when doing these loans.
With the ever-tightening lending guidelines, about 75% of the buyers are shut-out of getting a 30 year fixed CONVENTIONAL loan. You can't get a loan with a credit score under 680 unless you have 20% down. How many home buyers do you know that have 20% down these days - not many! You can have a credit score as low as 620 and have access to FHA loans. You can have a very low score and possibly get a Rural Housing (GRH) loan. These are great fixed-rate loans that most buyers qualify for. There is NO INCOME LIMITS for FHA loans so anyone can get an FHA loan as long as they have at least a 620 credit score. But....with FHA, there are certain requirements for properties, and when most of the buyers out there are using FHA, we need to know if your listings are suitable for FHA financing.
Call me - even though I may not be doing the loan for the buyer, I can help you make sure your closing goes smooth. We all hate last minute problems!
Talk to you soon!
Jolyn Oelfke - Mortgage Expert
Universal Mortgage
608-779-1519
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment