From January of 2012 through April of 2013, my team and I have closed 83 Loans for FHA, VA or RD Borrowers.
Although, this is not a huge number of loans over a 16 month span by any means, it is one of the reasons why we can move so quickly and efficiently – because our pipeline may be smaller, and easier to manage than perhaps some other Lenders? Of these 83 borrowers, 73 of them not only paid NO Lender Charges to us, but received a “LENDER CREDIT,” essentially getting paid from us at closing in the form of a “LENDER CREDIT” to offset title fees, appraisal fees and even tax escrows. This accounts for 89% of all our FHA, VA & RD Buyers receiving “LENDER CREDITS,” however, most all of the Buyers who elected to pay some Lender Charges to get an Even LOWER rate, still paid less than $500 in total Lender Fees! In some cases, our Lender Credits were sufficient to pay for ALL the Buyer’s 3rd party closing fees, AND pre-paid escrows for taxes & insurance, allowing them to purchase the home for their minimum 3.5% down payment required by FHA with NO Seller concessions!
In the appreciating housing market we are seeing, Lender Credits may be more importantly than ever….If you know someone who is currently in the housing market, you don’t need a Loan Officer to tell you how competitive it is to get an offer accpeted, but I can help them by reducing or even Eliminating other costs that a Buyer would have to otherwise have to ask the Seller to pay!
• No Upfront Application fee (for filling out the paperwork of a pre-approval)
• FHA, VA & R.D. Rates competitive with the competition but paying No Lender Charges, but paying “LENDER CREDITS!” Our “Lender Credits” just that, true Lender Credits, they are not offsetting other fees that a Lender would charge, such as their: “Processing Fees, Underwriting Fees, Application Fees,” etc
• Submitting R.D. loans to the R.D. office for final approval within 24 days on most loans.
• Still Closing Most FHA, VA & Conventional Loans within 28 days!