Use Niche Mortgage Products To Get Noticed

If you’re a mortgage originator you’ve probably been very busy over the past few months arranging refinance loans for your clients at the current low mortgage rates. But, with interest rates having been in the 4%s or low 5% range for such a prolonged period of time many of the homeowners who could save with a refi (and could qualify for one) have already taken advantage of one.

It’s a great time for mortgage professionals to set their sights on how to earn more purchase business. Get the attention of real estate agents and other referral prospects by using niche products that enable you to do the deals everyone else says no to. Many real estate agents have a few clients who would love to buy if they could find a mortgage that works for them. Here are two niche programs to consider, both from American Financial Resources, a National wholesale lender based in Parsippany, NJ:

Mobile Home Loans – Home must be at least 400 square feet in size. 620 minumum Fico – lowest middle score of all borrowers. Choose from 30 year fixed, 15 year fixed, or 5/1 ARM. Mortgage must cover both the manufactured unit and its site.

FHA Loans For Credit Scores Down To 600 – 30 year fixed, 15 year fixed, and 5/1 ARM available. 600 minimum Fico – lowest middle score of all borrowers. Finance up to 96.5% of the property’s value for a purchase, 97.75% for a rate and term refi, or 85% for a cash out refinance.

Mortgage brokers can learn more about these programs at afrwholesale.com.

Get a deal or two by offering these hard to find financing solutions, and it could open the door to all types of business, particularly when houses start selling more quickly again.