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Mortgage Client Referrals from Banks, Credit Unions 20% of My Business

Many banks and credit unions just focus on the credit score to qualify a borrower for a mortgage, we can look at the whole picture to qualify a borrower.

A Waterbury bank recently referred a client they couldn’t help. This couple wanted to buy their parents’ home, but their credit scores were too low for this bank. The parents did their checking account business with this bank for many years, but it still didn’t make a difference.

They were offering the home to their daughter and son-in-law for $150,000, even though the true value was closer to $200,000. Nice parents! The parents had a small mortgage remaining and were willing to handle the down payment and the closing costs. Nice parents.

We did a 15 year FHA mortgage at 3% interest. There was no monthly mortgage insurance as the gift of down payment was over 22%.

Unfortunately, most banks and credit unions are credit score driven. When this is one of the main criteria that gets you to the door, the doors aren’t open. Delighted we could assist the parents and kids to accomplish their goals.

This article discusses the latest numbers on bank closings:

Mortgage Businesses Faring Better as Banks Endure

By: Krista Franks Brock

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Frances C Rokicki, October 14, 2012 at 07:53 PM
Krista, My real estate business, is 82%, by referral. I appreciate the trust and confidence that my clients have in me. With the new lending regulations and tighter requirements for my clients who are either first time homebuyers or buyers with less than 20% down, it can be a challenging task to purchase a home. Staying on top of the transaction, is always necessary, by all parties. Your clients were fortunate to have equity in their home.

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