Use to be, I could get all the business I wanted just concentrating on my referral partners in Cary. With business such as it is, I now find myself heading further out to hook up with borrowers and referral partners. I've been listening to CNBC as the market works it's way up and down.
Maybe you've listened to XM too and heard the fella' who says, "It's the Biggest No Brainer In the History of Earth!"
The guy on XM now has a newer ad out about the Mortgage Bailout Bill. Click here and see if you think he might be a little off... Not only does he spout off about how FHA is not a good program - he quotes a ton of numbers that don't mean anything!
Not every lender qualifies to do FHA loans... my guess is that this cowboy falls into that group.
So MY ADVICE? Listen to a real professional. We need Government loan programs - especially today! If you don't have 10% to put down on a home - there's still plenty of money out there! You can get a 100% loan through USDA or if you're a qualifying soldier, you can get a VA Home Loan... and for the rest of us, purchasing a home at the $300,000 mark or less in the Triangle - there's FHA. Over fifty percent of the loans closed today are Government Backed! Don't believe everything you hear on the Radio! Call us!
Yeah gotta love the media and how they usually misinform the public. The problem is they often times dont see Lenders and Realtors as professionals so they often believe the media over us.
I just love the BLOWHARDS and the guy doesnt even offer FHA....... ya think that is why he was spouting off
What can I say, when you're right, you're right! FHA will be a major portion of our loans in the future Eleanor. However, as a former airman and the father of a sailor, I resent you only mentioning soldiers. LOL
I looked at his website and I think you are right, he doesn't have an FHA listed anywhere there. About the housing bill, he might be right but we will see as we go on. "No brainer?" well, someone is.
"The sky is falling, the sky is falling" - Chicken Little
The public gets feed so much data it is amazing that our heads do not burst! lol!!!
your friend in Charlottesville!
Sorry Fred - we're next to Ft. Bragg so I jsut always refer to soulders... my bad.
ISN"T IT AMAZING that he talks about all of the PROFIT GOES TO FHA??? That's Sooooo not true! That's like calling the VA Funding Fee PROFIT! IT's NOT PROFIT! It's Insurance, for a program that's had hundreds of thousands of homes foreclosed upon!! Oh well.
We are closing an FHA loan tomorrow to a young couple. They are excited and with out the program they would be renting. By the way how is your campaign going.
Geez, will the drama ever stop? Hoping us faithfuls can outlast those with the most "hot" air.! ha ha
i have heard that guy in our market too... called as a 'borrower' and was just as i thought bait-n-switch.
chris
With so much misinformation out there I can't imagine how hard it is for a buyer to get it all straight. Many buyers don't trust lenders and many buyers don't trust Realtors but they will trust a disembodied voice on the radio or tv and believe them? I don't get it.
I hear him on my XM as well and laugh when I hear his slick fast tongue advertising. He always talks like everyone is stupid, except himself!
and remember now that the Feds own Fannie/Freddie just about everything is a government loan!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Thomas! Great point! If we could get teh F/F people to come up with a MBS execution system that allowed for transparency - and had a layer of insurance on it (not tied to PMI companies) I think it could work!!
UNTIL THEN... FHA, VA and USDA are looking like the ONLY game in town!
That is a great point by Thomas. And an equally great point by you Eleanor (not tied to PMI companies). The fixes have got to be to be a little less dependency on DU / LP and a little more involvement by real underwriters (are they around anymore?). Limit MI companies impact on the industry. Re-evaluate credit reporting as well as scoring methodology. Opps, kinda got lost here......
As far as Jon S is concerned - Judging by every ones comments, yet another Drug Store Cowboy without interest in reality. Unfortunately, I couldn't hear what he is saying (PC trouble). But I could look around the web-site, and view the photo............
Great post - a lot of lenders came in when there was easy money and don't even know how to do FHA loans. Time for them to go bye, bye. A friend of mine called me the other day and said she heard on the radio that you had to have over 800 FICO's and at least 10% down. I told her the guy on the radio was drunk.
Scott! SPOT ON! Dude - no wonder Jason likes working there!
AMY! You are so funny it made me cry - laughing so hard!!! "I told her the guy on the radio was DRUNK!" Yep. That's it.
Great post... I can not stand that guy!!!! I still remember the first time I heard him on the radio here in Charlotte! He misrepresents the facts and dumbs down mortgage lending to his own advantage. He figured out somewhere along the way if he didn't take the time to find the right fit for each client and just created a huge conveyer belt system he could churn a lot of loans. I went his site one time and watched several of his videos and the guy is NOT impressive.
I am proud to offer FHA. I dare him to compare a conventional loan against FHA financing on a 300K house in Charlotte at 97%!!!
Olan Carder
www.charlottemortgageonline.com