In 15 years I have seen rates move from the mid 10% range to the mid 4% range. The one thing that has remained the same is change, constant change. The trick to being successful in any enviorment where the rules of the road are constantly changing is to be the calm in the storm for your customers. I find that the majority of people can take the bad news as well as they take the good news as long as it is presented to them in an honest and caring way.
I have enjoyed a career built on the principle that I will see the majority of my customers in the grocery store over any given weekend and when I do , I want them to be happy to see me. It is a simple business concept really , to be honest and to treat people with respect , those you can help get financed and those you can't , in the end what it takes to still be here in this profession is calm integrity.
I have specialized in FHA financing my entire career. Believe it or not , there was a time when FHA was not the coolest product to place your customer in. A good number of Loan Officers opted for the 100% Conventional mortgages with less strings attached. We have seen the result of that and it has not been good for anyone.
FHA today is very different , each day it seems that the guidelines are becoming more difficult to navigate , lending overall has become exclusionary, some of which is warranted given the direction the market is going.
FHA is the product designed for the hard working wage earner who has been paying rent and now realizes the opportunity to own is upon them. The low 3.5% down payment can come from a gift from a family member or various other acceptable sources. The seller can pay up to 6% of the buyers closing costs making FHA a low cost transaction when compared to other Conventional financing programs out there today.
FHA is not limited to the First Time Homebuyer and often times is used as a move up or move down type of mortgage. In this market where the margin of profit from the sell of a home has slipped to historic lows , FHA is there to bridge the gap with the low down payment requirement.
FHA is one of the only loan products allowing greater that 90% loan to value on a refinance transaction.
I have always loved this product and believe in it's strengths.
FHA Streamline 203k Homepath USDA