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If you can't get a buyer fully financed, there are other ways to get both parties to the settlement table.

Any Sexual Predators in the Neighborhood?

If you are showing homes to families with children, it helps to know if they will be living next door to known sexual offenders. Fortunately, the internet makes finding them fairly easy.

Here is one site where you can enter a street or zip code and get information on registered sexual offenders:

www.MapSexOffenders.com

This site is 100% free, and easy to use.

Get a CLUE as to the Insurability of a House

Have you heard about the homebuyer who had their offer accepted, got approved for a mortgage, was ready for settlement, but could not get the home because the cost of the homeowner's insurance policy threw their debt-to-income ratio out of whack? If the prior owner had filed a claim on the home or even made an inquiry to their insurance company, this nightmare can indeed happen. Even worse, insurance can be declined, and thus the buyer can not get a mortgage.

How can you find out the insurance history on a property? Try the CLUE database. CLUE stands for Comprehensive Loss Underwriting Exchange. You can learn much more about this database from these links:

Privacy Rights Organization

Choice Trust

The buyer was looking for a house for $95,000. The seller was willing to provide a 3% seller assist. The buyer's FICO was a 570, too low for an 80/20 combo loan with my main lenders. Going with 100% financing lender, there was a mortgage insurance premium of $342 per month, which is too steep. Here was my solution.

Get the seller to do the deal at $100,000 (the property appraised at $102,000. The seller will still offer the 3% seller assist, but will agree to take a second mortgage for $5000 (5%) at 9% interest, amortized over 30 years, but due in 10 years. At settlement, the seller still gets the 95% funding from the first mortgage, giving them the cash they were expecting. The lender is OK with this, as they are only lending 95% LTV and require that the borrower bring only $1000 to the table. The seller gets monthly payments from the buyer of $40, which basically is free money. After 10 years, they get $4471 when the balloon note comes due.

The seller gets $3000 in seller assist from the seller to help with closing costs and only has to pay an extra $40 per month instead of $342 in mortgage insurance. After 10 years, they can simply refinance their mortgage to pay off the balance of the $5000 that is due to the seller, or simply put money away to pay the balance in full when due (the $4471 balance over 10 years is about $37 per month).

You end up looking like a deal-maker and making your commission. That is a win-win-win deal all around!

There is another way to do this, by using an equity gifting program that lets the buyer convert excess property value to cash that can be used for down payment or closing costs, over and above the 6% seller's assist limitations. If you go to http://PayOutOne.com  you can learn about how you will close more deals with this program. These types of programs work with many lenders that do not require seasoning or sourcing of funds used for purchase.

About My Services

I would like to help you with the task of providing financing to your clients. To do this, I am able to do the following for you:

• Be available when you have an Open House to help greet buyers
• Help explain the various financing options and mortgage programs your buyers have access to
• Pre-qualify any buyer who has not yet talked with a mortgage company
• Determine the largest mortgage for which your buyers qualify
• Resolve any issues on your clients' credit report that can affect their mortgage.
• Obtain a loan commitment from our lenders
• Provide your buyer with a Good Faith Estimate of closing costs
• Determine any seller assist that a prospective buyer may need and qualify for
• Co-ordinate all aspects of settlement including title search, appraisal, and other services

At Your Company Name, we offer mortgages for most buyers, including ones who are self-employed or who have damaged credit. We have lenders who offer 100% financing meaning no down payment for qualified buyers.

We also offer mortgages with start rates as low as 1%, making it easier to get a buyer into a home.

If you have any questions about how I can help you get financing for your clients' homes, please call me at Company Phone #.