Let’s convert more Renters to Homeowners
Do you have a potential buyer who has been renting because they feel they cannot purchase a home? Do they still believe that mortgages are impossible to obtain without perfect credit and a 20% down payment?
Here’s the truth on basic factors for qualifying for a home loan:
- Do they have a steady income?
- Do they have good credit?
- Do they have cash in hand for a down payment?
If the answer is “yes” to all three, there is a good chance these clients can get a pre-qualification letter.
But what if…
- They have a history of major credit events?
- If so, requirements do vary, but consult with your loan consultant to learn if you may be eligible.
- They don’t have a ton of cash to put down?
- There are many programs that will work with 5%, 3.5%, or in some cases even, 0% down payment. So even if your potential client doesn’t have a lot of cash for the down payment, chances are still good there is an available solution.
If your clients have any questions or concerns before they go through the pre-qualifying process, feel free to refer them to me.