In the fast-paced, competitive world of mortgage finance it’s crucial to continue to seek out new areas in which to grow your business. There is no one home loan product that will meet the needs of all clients, and having a wide selection allows you to serve more homeowners and home buyers well. This also helps improve your reputation among real estate agents and other referral partners as you become known for having solutions and getting the job done.
Wondering which programs to focus on to grow your business? Here are a few expanding areas of the market you might not have considered that are worth a second look:
Mobile Home Mortgages
Mobile home financing can be tough to come by, resulting in excellent opportunity for mortgage professionals willing to embrace this exciting market segment. We have a full suite of financing options including FHA, VA, USDA, Fannie Mae, and Freddie Mac so there is something to meet the needs of almost any manufactured home buyer.
Renovation Loans
With tight inventory in much of the country there are more home buyers looking for new homes than there are properties for sale that fit what they’re looking for. Renovation loans, which allow for the financing of both the property and the cost of repairing, renovating, or updating the home, can offer a solution to this problem. A buyer can’t find a house with all the features they want? They can buy the property with a renovation loan and have the funds they need to add on that extra bedroom, update the kitchen, or even put in a pool!
Investment Property Loans
Investors are realizing the opportunities this market is creating as well, both for home flips and long term rentals. We have excellent investment property financing options, as well as renovation loan solutions for investors to help them make the most of their investment.
One Time Close Construction
It’s easy to set yourself apart from the competition with our construction products. Instead of the two closings involved in a typical construction loan our One Time Close construction-to-permanent mortgage arranges the financing for the lot purchase (if applicable), purchase, site improvements, and home build all in one first mortgage loan. Buyers realize cost savings due to the increased efficiency of a single closing, and don’t have to watch the market as their interest rate is locked in before construction begins. One Time Close is even an option for a new manufactured home!
You Expand, We’ll Help
Have questions about selling these new products, setting loans up for success, or whether a particular borrower qualifies? We’re here for you. Check out our AFR University webinars for a crash course on these programs, reach out to your Account Executive, or contact us with anything from a scenario specific question to a post-closing issue.
Concerned about slowing down your team with increased business at the same time they’re learning the ins and outs of some new programs? We’ve got the perfect solution. Let us handle any overflow through our On-Demand Processing broker enhancement. We’ll take care of processing, underwriting, and closing the loan, or as many or as few tasks in these areas as you would like. This frees you and your personnel up to focus on generating new business and continuing to expand.
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Tags: loan programs
