FHA Training Tip: Three Ways FHA Training And FHA Lending Will Improve Your Mortgage Business
With mortgage lending guidelines tightening, many brokers and loan officers are finding it harder to find a bank that will finance their clients. Mortgage Insurance has become nearly unaffordable for high loan-to-value loans as well as nearly unattainable based on the client’s FICO score. FHA loans present an opportunity to obtain financing for your clients and keep their MI low. Having some FHA training and being informed will help you understand the different products you now can offer, which will lead to more clients and higher profits.
FHA provides a variety of products. The main product is the standard 203(b) loan. This product is geared towards borrowers who can afford housing but might not have a great credit history. A good, thorough FHA training will help you understand how these borrowers can still fit into the loan and how to have your client “tell the story” of their credit history. Likewise, the 203(k) loan is for FHA eligible borrowers who have found a property that needs a little renovation. With the recent meltdown of the credit markets, the Federal Housing Authority now has the FHA Secure program which is geared towards borrowers with issues after their adjustable rate mortgages recast. Have the ability to lend for FHA and having training on the products will give you a variety of extra products you can offer your clients.
For affordable FHA training for your mortgage business, check out the ABC’s Of FHA Lending.
