As I announced last week, I’m pitching in to help Tim & Eric with the volume of the mortgage business right now (Tim’s my husband). Tim is the branch manager for Alternative Mortgage, so I guess that makes him my BOSS! (don’t tell him that I’ve realized that…it will be our little secret!) Can you spell I-N-S-U-B-O-R-D-I-N-A-T-I-O-N?
Anyways…
Don’t forget, as of October 1st the seller funded downpayment programs like Nehemia and Ameridream will be GONE! Several lenders have already announced that they will not close them anymore effective now. They are afraid that if they close them now, they may have problems getting them insured by FHA.Â
IF YOU HAVE BUYERS UNDER THIS PROGRAM…GET THEM A HOUSE AND GET THEM CLOSED NOW, DO NOT LET THEM SIT ON THE FENCE AND LOSE THEIR CHANCE (and your commission!)
On a different note, Tim just got signed up with a lender that is allowing seller held second mortgages again! This means that if your buyer doesn’t have their downpayment money, the seller can hold a 2nd mortgage and get the house sold! This is a perfect situation when the seller is willing to take 5-15% less than asking price, this way they get full asking price AND a little monthly income from it! (remember, most houses right now sell for about 92% of asking price, so instead of discounting, your seller can get paid!) We are approved to close loans in every part of Florida.
If you’d like some help setting up a transaction like this, or just running a scenario by us, call 407-831-2277 or email Tim@TimTolbert.com
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