My daughter is currently in China as part of a month-long trip through her school. Thankfully she is keeping a blog, so I at least get some insight into her adventure.
While over there she has been trying many new foods. That perhaps is not surprising to you, but to the father who had countless debates with her when she was four about trying new foods, trust me, it’s surprising.
Like many young children, she didn’t have to try the food. She simply asserted “I just know I won’t like it.”
Ironically I was remembering this type of “logic” just the other day when I read about a survey loanDepot did, citing that 74% of renters who say they want to buy a home but don’t believe they could qualify for a mortgage, admit they haven’t taken any steps to find out if that’s true.
That’s right…basically 3 out of every 4 renters surveyed. Talk about an opportunity for us to do some educating in the marketplace to these potential buyers.
Helping uncover opportunities is what I hope my blog posts are about. Here’s another one: According to the PulteGroup, 25% of buyers 33 or younger would move up their purchase timeline if they had access to down payment funds.
Hmm…25% increase in potential buyers? That sounds like an opportunity.
A chance to get in front of them, or at the very least our Realtor® referral partners, and let them know that they can use gift funds toward their down payment. Heck, they may even be able to use a gift for 100% of their down payment.
Fannie Mae’s MyCommunityMortgage® and Freddie Mac’s HomePossible® programs both allow for gift funds. MGIC has had the broadest gift policy of the private MIs for years.
Plus with our newly expanded Go! Guidelines it is even easier.
DU® Approve/LP® Accept Eligible loans and DU Approve/LP Accept Ineligible loans (where the ineligible finding is based on LTV or loan instrument) are both allowed; simply follow the findings to determine the amount of the borrower’s own funds needed.
Between the MGIC Go! program and MGIC PreQuals that help enhance your pre-approvals, we hope to help you make the most of the opportunities out there today and increase your business.
What other challenges are you facing today in qualifying more borrowers?Tags: Borrower, Buyers, Fannie Mae, First-Time Homebuyer, Freddie Mac, Go! Program, Homebuyer, Pre-Approval