You spend a lot of time trying to build your real estate business through marketing efforts, referrals, and other resources. Unless you are offering what buyers and sellers are looking for in a real estate agent, however, you will have a lot of trouble finding repeat clients and referrals in the market. Once you know what people are looking for, you can start to market toward that and attract more clients than ever before.

What Buyers Are Looking For

There are many different kinds of buyers and you need to know what each of them are looking for. For example, first time home buyers are looking for someone who is very knowledgeable and can walk them through every part of the process with ease. Investors, on the other hand, are looking for something a bit more transactional as well as a lot of data. Most of them are looking for someone who can be aggressive when it comes to finding great deals. Out of town buyers will rely on you to be very thorough since they cannot be there to do that themselves. To be successful, you need to be able to identify the type of buyer you are dealing with to better serve them. All buyers will expect you to have a deep knowledge and understanding of the area so you can provide them with the insight before they purchase.

What Sellers Are Looking For

Sellers tend to be a lot less complex than buyers. On the surface, most of them are just looking for a real estate agent that can sell their home quickly and get them top dollar for the listing. You will not be able to do that for every home but you need to be able to tell people what is realistic and what they can do to get the job done faster, such as repairs or some landscaping. Not everyone will take your advice but when they do, it will make your job easier and you will be able to better impress them when it sells faster and for a great price. The best thing you can do with sellers is provide them with the best expectations so they do not come in with something unrealistic that will ruin their image of you in the end. If the seller cannot come closer to those realistic expectations, they may not be the best customer to rely on for referrals.

Basic Skills all Clients are Looking For

In the end, when it comes to some pretty basic skills, it will not matter whether or not you are working with buyers or sellers. All of your clients will expect you to have these basic skills when they hire you to be their real estate agent:

• Negotiation skills
• Knowledge of the area and neighborhoods
• Knowledge of the buying and selling process
• Knowledge of the contracts used during the process
• Communication skills
• Responsiveness
• Honesty and integrity

There are, of course, other skills that they will expect you to have such as basic people skills and technical skills as it pertains to the industry. As you get further along in your career, you will get better with the technical skills but you will need to actively work on your people skills if they are not as great as you would like them to be.

Once you have all of these skills mastered, you are ready to take on the real estate world and become a successful agent in the market of your choosing. Even if you have not mastered these skills, you should begin to work more and more on them so you can give your clients the best you can offer. Over time, you will begin to master all of them.

 

First Time Homebuyer Programs

https://myohiohome.org/firsttimehomebuyer.aspx

 

Eligibility Criteria

 

• Applicants must meet OHFA Income limits.

 

• Properties must meet purchase price limits which can vary by county.

  • View OHFA's income and purchase price limits

 

• Applicants must meet debt to income ratios for their loan type.

 

• Credit score requirements

  • Conventional, USDA, VA, and FHA 203(k) Loans: 640 or Higher

  • FHA Loans (Non-203(k)): 660 or higher.  Credit scores of 650-659 are acceptable for an additional fee.

 

• Applicants must purchase a qualifying property that is limited to two acres within a municipal corporation and five acres outside a municipal corporation, unless additional acreage is required by local health or safety code. Qualifying properties include the following:

  • Existing homes: single-family dwellings, conforming condominiums, duplexes, and up to four-unit properties.

  • Newly built spec/nearly completed homes: one-unit single-family dwellings.

  • Modular Homes; one-unit single family dwellings

 

• Additional requirements may apply to specific homeownership products

 

 

 

Please contact us today for more Information. 

 

For more articles and updates, subscribe below. 

 

Alabama

http://www.ahfa.com/homebuyers

Programs

Affordable Income Subsidy Grant

http://www.ahfa.com/homebuyers/programs-available/affordable-income-subsidy-grant

Mortgage Credit Certificate

http://www.ahfa.com/homebuyers/programs-available/mccs

Alaska

https://www.ahfc.us/buy

Programs

Tax-Exempt First-Time Homebuyer Program

https://www.ahfc.us/buy/loan-programs/first-time-loans

Taxable First -Time Homebuyer Program

https://www.ahfc.us/buy/loan-programs/first-time-loans

• Affordable Housing Enhanced Loan Program

• Energy Efficiency Interest Rate Reduction

• Interest Rate Reduction for Low-Income Borrowers

• State Veterans Preference

Arizona

https://housing.az.gov/general-public/home-plus

Home Plus Program

https://housing.az.gov/general-public/home-plus

Arkansas

Programs:

ADAF Move Up

https://homeloans.arkansas.gov/move-up/

ADFA MCC - Mortgage Credit Certificate

https://homeloans.arkansas.gov/mcc/

ADFA Down Payment Assistance (DPA)

https://homeloans.arkansas.gov/dpa/

Arkansas Dream Down Payment Initiative (ADDI)

https://homeloans.arkansas.gov/addi/

California

https://www.calhfa.ca.gov/homebuyer/programs/index.htm

Programs

First Mortgage Programs

CalHFA Conventional Loan Program

https://www.calhfa.ca.gov/homebuyer/programs/conventional.htm

CalPLUS Conventional Loan Program

https://www.calhfa.ca.gov/homebuyer/programs/calplus-conventional.htm

Government Insured Loans

CalHFA FHA Loan Program

https://www.calhfa.ca.gov/homebuyer/programs/fha.htm

CalPLUS FHA Loan Program

https://www.calhfa.ca.gov/homebuyer/programs/calplus.htm

Cal-EEM + Grant Program

https://www.calhfa.ca.gov/homebuyer/programs/eem.htm

CalHFA VA Loan Program

https://www.calhfa.ca.gov/homebuyer/programs/va.htm

Down Payment Assistance Programs

MyHome Assistance Program

https://www.calhfa.ca.gov/homebuyer/programs/myhome.htm

School Teacher and Employee Assistance Program (School Program)

https://www.calhfa.ca.gov/homebuyer/programs/school.htm

Mortgage Credit Certificate Tax Credit Program

Mortgage Credit Certificate Tax Credit Program (MCC)

https://www.calhfa.ca.gov/homebuyer/programs/mcc.htm

Colorado

https://www.chfainfo.com/homeownership

Down Payment Assistance

https://www.chfainfo.com/homeownership/down-payment-assistance

Connecticut

https://www.chfa.org/homebuyers/

HFA Advantage and HFA Preferred

https://www.chfa.org/homebuyers-homeowners/homebuyers/hfa-preferred-mortgage/

Homebuyer Mortgage Program

https://www.chfa.org/homebuyers-homeowners/homebuyers/homebuyer-mortgage-program/

Down Payment Assistance Program (DAP) Loans

https://www.chfa.org/homebuyers-homeowners/homebuyers/downpayment-assistance-program-dap-loan/

Delaware

http://www.destatehousing.com/HomeOwnership/HomeOwnership.php

Home Ownership Programs

Home Ownership Loan Program

http://www.destatehousing.com/HomeOwnership/hb_sfmrb.php

Delaware First-Time Homebuyer Tax Credit

http://www.destatehousing.com/HomeOwnership/hb_fthb.php

Neighborhood Stabilization Program (NSP)

http://www.destatehousing.com/HomeOwnership/dv_nsp.php

Downpayment and Closing Cost Assistance

Preferred Plus

http://www.destatehousing.com/HomeOwnership/hb_sfmrb.php#pp

Home Repair Programs

The Statewide Emergency Repair Program (SERP)

http://www.destatehousing.com/HomeOwnership/homeownermedia/serp_card.pdf

Community Development Block Grants (CDBG)

http://www.destatehousing.com/Landlords/dv_cdbg.php

Foreclosure Prevention Programs

Delaware Emergency Mortgage Assistance Program (DEMAP)

http://www.destatehousing.com/HomeOwnership/hb_demap.php

Manufactured Housing Assistance Program (MHAP)

http://www.destatehousing.com/HomeOwnership/hb_mhap.php

Wilmington Senior Tax Assistance Program

http://www.destatehousing.com/HomeOwnership/hb_wstap.php

Florida

http://www.floridahousing.org/

Mortgage Credit Certificate Program

https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/mortgage-credit-certificate-program-wizard

Florida Homebuyer Loan Program

https://apps.floridahousing.org/StandAlone/FTHBWizard

Georgia

https://www.dca.ga.gov/safe-affordable-housing/homeownership

State Home Mortgage

https://www.dca.ga.gov/safe-affordable-housing/homeownership/state-home-mortgage

Georgia Dream

https://www.dca.ga.gov/safe-affordable-housing/homeownership/georgia-dream

HomeSafe Georgia

https://www.dca.ga.gov/safe-affordable-housing/homeownership/homesafe-georgia

Housing Counselor Resources and Training

https://www.dca.ga.gov/safe-affordable-housing/homeownership/housing-counselor-resources-training

Hawaii

http://dbedt.hawaii.gov/hhfdc/

HHFDC Affordable Resale Program Project

https://www.locationshawaii.com/hhfdc/

Mortgage Credit Certificate

http://dbedt.hawaii.gov/hhfdc/mortgage-credit-certificate/

Buyback and SAE Programs

http://dbedt.hawaii.gov/hhfdc/request-for-information-on-hhfdc-sae-property/

Hula Mae Single Family Loans (Not currently active)

http://dbedt.hawaii.gov/hhfdc/copy_of_homebuyers/

Idaho

https://www.idahohousing.com/homebuyers/

Homebuyer Tax Credit

https://www.idahohousing.com/lenders-realtors/homebuyer-tax-credit/

Down Payment / Closing Cost Assistance

https://www.idahohousing.com/lenders-realtors/down-payment-closing-cost-assistance/

Illinois

https://www.ihda.org/my-home/

IHDAccess Forgivable

https://www.ihda.org/my-home/getting-an-ihda-loan/#collapseOne

IHDAccess Deferred

https://www.ihda.org/my-home/getting-an-ihda-loan/#collapseTwo

IHDAccess Repayable

https://www.ihda.org/my-home/getting-an-ihda-loan/#collapseThree

1stHomeIllinois

https://www.ihda.org/my-home/getting-an-ihda-loan/#collapseFour

Indiana

https://www.in.gov/ihcda/homeownership/

Honor Our Vets (HOV)

https://www.in.gov/ihcda/homeownership/files/2018%20Honor%20Our%20Vets%20Program%20Guide.pdf

Helping To Own (H2O)

https://www.in.gov/ihcda/homeownership/files/2017%20HELPING%20TO%20OWN%20PROGRAM%20GUIDE_SH.pdf

Mortgage Credit Certificate (MCC)

https://www.in.gov/ihcda/homeownership/files/2017%20MCC%20PROGRAM%20GUIDE_SH.pdf

Next Home (NH)

https://www.in.gov/ihcda/homeownership/files/2017%20NEXT%20HOME%20PROGRAM%20GUIDE_SH.pdf

Next Home With Mortgage Credit Certificate (NH/MCC)

Affordable Home (AH)

https://www.in.gov/ihcda/homeownership/files/2017%20AFFORDABLE%20HOME%20PROGRAM%20GUIDE_SH.pdf

My Home (MH)

https://www.in.gov/ihcda/homeownership/files/2017%20MY%20HOME%20PROGRAM%20GUIDE_SH.pdf

My home with Mortgage Credit Certificate (MH/MCC)

Iowa

http://iowahousehunt.com/begin/

Mortgage Programs

http://iowafinanceauthority.gov/Public/Pages/PC77LN25

Down Payment Assistance Programs

http://iowafinanceauthority.gov/Public/Pages/PC78LN25

Mortgage Credit Certificate Program

http://iowafinanceauthority.gov/Public/Pages/PC93LN25

Military Home owership Assistance Program

http://iowafinanceauthority.gov/Public/Pages/PC79LN25

Iowa Title Guaranty

http://www.iowafinanceauthority.gov/TitleGuaranty/Residential

Kansas

http://www.kshousingcorp.org/homebuyer-assistance.aspx

Kentucky

http://www.kyhousing.org/Home-Buyers/Pages/default.aspx

Down Payment Closing Cost Assistance

http://www.kyhousing.org/Home-Buyers/Pages/Down-Payment-Closing-Cost-Assistance.aspx

Hardest Hit Fund (HHF) DAP

http://www.kyhousing.org/make-the-move/Pages/default.aspx

Home Buyer Tax Credit

http://www.kyhousing.org/Home-Buyers/Pages/Home-Buyer-Tax-Credit.aspx

Louisiana

https://www.lhc.la.gov/homebuyers

MRB Home and Assisted

https://www.lhc.la.gov/mrb-homebuyers#

Market Rate GNMA Program

https://www.lhc.la.gov/gnma-homebuyers

LHC Preferred Conventional Program

https://www.lhc.la.gov/preferred-homebuyers

LHC Choice Conventional Program

https://www.lhc.la.gov/choice-homebuyers#

LCH Advantage Program

https://www.lhc.la.gov/advantage-homebuyers

Delta 100 Program

https://www.lhc.la.gov/delta-homebuyers

Mortgage Credit Certificate Program

https://www.lhc.la.gov/mcc-homebuyers

Soft Second Program

https://www.lhc.la.gov/soft-second-homebuyers

Down Payment Assistance Programs

https://www.lhc.la.gov/down-payment-assistance-homebuyers#

Maine

http://www.mainehousing.org/programs-services/homebuyer/home-loan

First Home loan:

http://www.mainehousing.org/programs-services/homebuyer/home-loan#Loan

Maryland

https://mmp.maryland.gov/Pages/default.aspx

Programs:

MMP 1st Time Advantage with 3% Assistance

https://mmp.maryland.gov/Pages/1stTimeAdvantage3.aspx

MMP 1st Time Advantage

https://mmp.maryland.gov/Pages/1stTimeAdvantage.aspx

Maryland Mortgage Loan Assist

https://mmp.maryland.gov/LoanAssist/Pages/default.aspx

Maryland Mortgage Grant Assist

https://mmp.maryland.gov/GrantAssist/Pages/default.aspx

Maryland Mortgage Rate Assist

https://mmp.maryland.gov/RateAssist/Pages/default.aspx

Partner Match

https://mmp.maryland.gov/Pages/Downpayment.aspx

Maryland HomeCredit

https://mmp.maryland.gov/Pages/MDHomeCredit.aspx

Maryland SmartBuy Program

https://mmp.maryland.gov/Pages/SmartBuy/default.aspx

Massachusetts

https://www.masshousing.com/portal/server.pt/community/home_ownership/223/home_ownership_home

MassHousing Mortgage

https://www.masshousing.com/portal/server.pt/community/home_buyer_loans/226/masshousing_loan

Operation Welcome Home

https://www.masshousing.com/portal/server.pt/community/home_buyer_loans/226/operation_welcome_home

Down Payment Assistance

https://www.masshousing.com/portal/server.pt/community/home_buyer_loans/226/down_payment_assistance

Michigan

https://www.michigan.gov/mshda/0,4641,7-141-45866---,00.html#!#homebuyers

Programs:

MI Home Loan Mortgage

https://www.michigan.gov/mshda/0,4641,7-141-45866_45868-370762--,00.html

MI Home Loan Flex

https://www.michigan.gov/mshda/0,4641,7-141-45866_45868-284858--,00.html

Step Forward Down Payment Assistance Loan

https://www.michigan.gov/downpayment/0,8844,7-353-88583---,00.html

Mortgage Credit Certificate (MCC)

https://www.michigan.gov/mshda/0,4595,7-141-45866_45868-216692--,00.html

Individual Development Account

https://www.michigan.gov/mshda/0,4641,7-141-45866_45868-172118--,00.html

Housing Education Program

https://www.michigan.gov/mshda/0,4641,7-141-45866_45868-177801--,00.html

Minnesota

http://www.mnhousing.gov/sites/Satellite?c=Page&cid=1519058662552&pagename=External%2FPage%2FEXTStandardLayout

Mississippi

https://www.mshomecorp.com/how-we-help/helping-homebuyers/

Missouri

http://www.mhdc.com/homes/index.htm

Programs:

First Place Loan Program

http://www.mhdc.com/homes/firstplaceloans/index.htm

Mortgage Credit Certificate (MCC)

http://www.mhdc.com/homes/mcc/index.htm

Montana

http://housing.mt.gov/Homebuyers

Programs:

Regular Bond Loan Program

http://housing.mt.gov/HBRegBond

Set Aside Program

http://housing.mt.gov/HBSetaside

Montana Veterans’ Home Loan

http://housing.mt.gov/HBVHLP

Down Payment Assistance

http://housing.mt.gov/HBDPA

80% Combined Program

http://housing.mt.gov/HB80Combined

Habitat for Humanity

http://housing.mt.gov/HBHabitat

Mortgage Credit Certificate

http://housing.mt.gov/HBMCC

Board of Investments

http://housing.mt.gov/HBBOI

Disabled Accessible Affordable Homeownership

http://housing.mt.gov/HBDAAHP

Nebraska

https://www.nifa.org/homebuyer

Programs

https://www.nifa.org/homebuyer/loan-programs

Eligibility

https://www.nifa.org/homebuyer/eligibility

Interest Rates

https://www.nifa.org/homebuyer/interest-rates

Nevada

https://www.homeispossiblenv.org/

Programs:

Home is Possible

https://www.homeispossiblenv.org/home-possible-nevada-down-payment-assistance-program

Home is Possible for Heroes

https://www.homeispossiblenv.org/program/home-possible-heroes

Mortgage Credit Certificate

https://www.homeispossiblenv.org/home-possible-mortgage-credit-certificate

Home is Possible for Teachers

https://www.homeispossiblenv.org/program/home-possible-teachers

New Hampshire

https://www.gonewhampshirehousing.com/

Programs

Homebuyer Tax Credit

https://www.gonewhampshirehousing.com/our-programs/homebuyer-tax-credit

Mortgage Programs:

https://www.gonewhampshirehousing.com/our-programs/mortgage-programs

New Jersey

https://www.njhousing.gov/homeownership/

Programs

NJHMFA Down Payment Assistance Program

https://www.njhousing.gov/dca/hmfa/homeownership/buyers/dpa/

First-Time Homebuyer Mortgage Program

https://www.njhousing.gov/dca/hmfa/homeownership/buyers/first/

Police and Firemen's Retirement System Mortgage Program

https://www.njhousing.gov/dca/hmfa/homeownership/buyers/retire/

New Mexico

http://www.housingnm.org/homebuyers/home-buyers

Programs

First Home Program

http://www.housingnm.org/homebuyers/first-home

First Down Program

http://www.housingnm.org/homebuyers/first-down

NextHome Program

http://www.housingnm.org/homebuyers/next-home-program

New York

http://www.nyshcr.org/SONYMA/

Programs

SONYMA Neighborhood Revitalization Program

http://www.nyshcr.org/Topics/Home/Buyers/SONYMA/SONYMA-NRP.htm

SONYMA Graduate to Homeownership Program

http://www.nyshcr.org/Topics/Home/Buyers/SONYMA/SONYMA-grad2home.htm

Conventional Plus Progran

http://www.nyshcr.org/Topics/Home/Buyers/ConventionalPlusProgram.htm

FHA Plus Program

http://www.nyshcr.org/Topics/Home/Buyers/FHAPlusProgram.htm

Manufactured Home Advantage Program

http://www.nyshcr.org/Topics/Home/Buyers/MHAP.htm

Down Payment Assistance Loan (DPAL)

http://www.nyshcr.org/Topics/Home/Buyers/SONYMA/DownPaymentAssistanceLoan(DPAL).htm

North Carolina

https://www.nchfa.com/home-buyers

Programs

NC Home Advantage Mortgage

https://www.nchfa.com/homeownership-partners/home-builders/mortgage-product-options/nc-home-advantage-mortgage

NC 1st Home Advantage Down Payment

https://www.nchfa.com/home-ownership-partners/home-builders/mortgage-product-options/nc-1st-home-advantage-down-payment

NC Home Advantage Tax Credit

https://www.nchfa.com/homeownership-partners/home-builders/mortgage-product-options/mortgage-credit-certificate

 

North Dakota

https://www.ndhfa.org/Homeownership/Intro.html

 

Programs:

First Home

https://www.ndhfa.org/Homeownership/Firsthome.aspx

 

Home Access Program

https://www.ndhfa.org/Homeownership/Homeaccess.aspx

North Dakota Roots

https://www.ndhfa.org/Homeownership/Roots.aspx

Major Home Improvement Program

https://www.ndhfa.org/Homeownership/Majorhomeimprovement.aspx

 

Targeted Area Loan Program

https://www.ndhfa.org/Homeownership/TargetedAreas.html

 

Ohio

https://myohiohome.org/

Programs

First-Time Homebuyer

https://myohiohome.org/firsttimehomebuyer.aspx

 

Your Choice! Down Payment Assistance

https://myohiohome.org/downpaymentassistance.aspx

 

OHFA Advantage

https://myohiohome.org/homebuyeradvantage.aspx

 

Grants for Grads

https://myohiohome.org/grantsforgrads.aspx

 

Ohio Heros

https://myohiohome.org/ohioheroes.aspx

 

Mortgage Tax Credit

https://myohiohome.org/mortgagetaxcredit.aspx

 

Target Area Loan

https://myohiohome.org/Geodata/Default.aspx

 

Next Home

https://myohiohome.org/nexthome.aspx

Renovate Ohio

https://myohiohome.org/renovateohio.aspx

 

 

Oklahoma

https://www.ok.gov/ohfa/

 

Programs

https://www.ok.gov/ohfa/Homebuyers/index.html

Oregon

https://www.oregon.gov/ohcs/Pages/oregon-bond-loan-program.aspx

 

Pennsylvania

https://www.phfa.org/homebuyers/

 

Programs

 

Home Purchase

https://www.phfa.org/programs/homepurchase.aspx

 

Purchase Assistance

https://www.phfa.org/programs/assistance.aspx

 

Refinance Options

https://www.phfa.org/programs/refinance.aspx

 

Home Improvements/Repairs

https://www.phfa.org/programs/repairs.aspx

 

Rhode Island

https://loans.rihousing.com/

 

Programs

First Down - Down Payment Assistance

https://loans.rihousing.com/First_Down/

 

First Homes

https://loans.rihousing.com/FirstHomes/

 

Beyond First Homes

https://loans.rihousing.com/Beyond_FirstHomes/

 

Lasting Homes

https://loans.rihousing.com/LastingHomes/

 

Septic and Sewer

https://loans.rihousing.com/SepticSewer/

 

 

South Carolina

http://www.schousing.com/Home/HomeBuyers

 

Programs

SC Housing Homebuyer Program

http://www.schousing.com/Home/HomebuyerProgram

 

Mortgage Credit Certificates

http://www.schousing.com/Home/MortgageCreditCertificates

 

Palmetto Home Advantage

http://www.schousing.com/Home/Palmetto-Home-Advantage

 

Hardest Hit Fund Down Payment Assistance

http://www.schousing.com/Home/HHF-Down-Payment-Assistance

 

Income/Home Price Limits

http://www.schousing.com/Home/HomeLimits

 

South Dakota

http://www.sdhda.org/home-ownership/first-time-homebuyers.html

 

Tennessee

https://thda.org/homebuyers/

 

Programs

Down Payment Assistance

https://thda.org/homebuyers/down-payment-assistance-1

 

Great Choice Home Loans

https://thda.org/homebuyers/great-choice-home-loans

 

Texas

http://www.tdhca.state.tx.us/homeownership/

 

Programs

My First Texas Home

http://www.tdhca.state.tx.us/homeownership/fthb/my-first-texas-home.htm

 

My Choice Texas Home

http://www.tdhca.state.tx.us/homeownership/fthb/my-choice-texas-home.htm

 

Texas Mortgage Credit Certificate Program

http://www.tdhca.state.tx.us/homeownership/fthb/mort_cred_certificate.htm

 

 

 

Utah

https://utahhousingcorp.org/homebuyer

 

Programs

Down Payment Assistance

https://utahhousingcorp.org/homebuyer/programs/downPaymentAssistance

 

Home Loans

https://utahhousingcorp.org/homebuyer/programs/homeLoans

 

Grants for Veterans

https://utahhousingcorp.org/homebuyer/programs/grantsForVeterans

 

Vermont

https://www.vhfa.org/homebuyers/buyahome

 

Programs

https://www.vhfa.org/homebuyers/loanprograms

 

Virginia

https://www.vhda.com/Pages/Home.aspx

 

Programs

Home Loans

Https://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/VHDAHomeLoans.aspx#.XEi1v1zYq70

 

VHDA Plus Second Mortgage

https://www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/VHDAHomeLoans.aspx#.XEi17FzYq70

 

Washington

http://www.wshfc.org/buyers/index.htm

 

Programs:

Home Advantage

http://www.wshfc.org/buyers/HomeAdvantage.htm

 

House Key Opportunity Program

http://www.wshfc.org/buyers/key.htm

 

Energy Spark Home Loan

http://www.wshfc.org/EnergySpark/index.htm

 

Mortgage Credit Certificate

http://www.wshfc.org/buyers/MCCprogram.htm

 

West Virginia

https://www.wvhdf.com/

 

Programs

Homeownership Program

https://www.wvhdf.com/home-buyers/homeownership-program

 

Down Payment/Closing Cost Assistance Program

https://www.wvhdf.com/home-buyers/down-paymentclosing-cost-assistance

 

Moving Up Program

https://www.wvhdf.com/home-buyers/movin-up-loan-program

 

On-Site System Program

https://www.wvhdf.com/home-buyers/on-site-systems-loan-program

 

WVHDF Refinance Program

https://www.wvhdf.com/home-buyers/wvhdf-refinance-program-2

 

USDA 502 Direct Loan Program

https://www.wvhdf.com/home-buyers/usda-502-direct-loan-program

 

Wisconsin

https://www.wheda.com/Home-Buyers/

 

Programs

https://www.wheda.com/Home-Buyers/Available-Programs/

 

Wyoming

 

Often times borrowers wonder about the basics of the “secondary” mortgage market.  But what are they, and why do lenders “sell” them loans?  Mortgages, and specifically liens, are substantial sums of money that are tied up for up to 30 years.

 

While depository institutions, which are chartered by both the Federal and State governments, have the capacity to lend large amounts of capital over long periods of time, mortgage banks don’t. Keep in mind that a bank, in theory, can take the money it has in deposits, pool the money together, and lend it out to make home loans.

 

In order to maintain a sufficient pool of money such that they can continue making loans, mortgage banks, which do not take deposits companies but offer greater program and rate flexibility, “sell off” borrower’s mortgages to another institution—often Fannie or Freddie, but also to pension funds, insurance companies, or securities dealers. Along with allowing mortgage banks to do more business, this practice earns mortgage bankers a commission on every loan they sell.

 

A mortgage has one of two paths it can follow once it enters the secondary market. It can be sold by a lender into one of Freddie, Fannie, or another financial institution’s investment portfolios for cash, or it can be pooled with other mortgages in exchange for Mortgage-Backed Securities (MBS). MBS are very liquid investments that are traded on Wall Street through securities dealers, which means that lenders can easily hold or sell them. In turn, these transactions provide capital that can be loaned out to other borrowers.

Many borrowers tell their loan officers that they prefer obtaining their mortgage through a smaller shop rather than a huge national bank. That is an interesting phenomenon – what is happening out there? After all, aren’t the rates and prices all the same?

 

It turns out, the answer is “no.” For smaller lenders, size is critical. They are more nimble. Midsized firms, for example, pride themselves on processing times, quick underwriting, and being able to close loans in a timely manner. Currently some of the large national banks take over a month, even two or three, to close a loan.

 

During the financial crisis in 2009, it stung larger home lenders, and the heightened regulation that followed hasn’t done them any favors. Still, the biggest banks, on average, originate roughly double the volume of all other banks each month.

 

 

Returns have something to do with that. While interest rates are low, mortgage returns have risen because such loans have become more attractive to secondary buyers, partly because of stricter underwriting standards following the housing meltdown.

 

 

Teams of experienced LO’s, processors, and other support staff allow us to find the best rate and price among several companies, and do it efficiently and usually less expensively than a large bank. Non-huge lenders pride themselves on customer service, great pricing, and knowledge of the local markets. It is very hard for a new loan officer in a bank branch to beat that. And borrowers, in turn, are agreeing.

 

 

 

 

 

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