FHA Mailing List Information Service

What's in it for the Feds?

In 1934, the National Housing Act created the Federal Housing Administration for the purpose of increasing home constructions and homeownership, reducing unemployment, and making insurance plans that would be friendlier to the people in general. This was driven by a need to resolve economic crises during the Great Depression and to give the American people a better chance of having financial support for their housing needs.

Initially, some FHA Programs were subsidized by the government but the main aim was to make these programs self-supporting. Over the years, Private Mortgage Insurance companies began to grow and started getting into the market. FHA shifted its scope to people who are not qualified to get PMI loans.

The Federal Housing Administration offers a variety of mortgage programs for qualified individuals to become homeowners. Here are some of the relevant deals we can target as Homeowner Lead Generation:
Conventional Fixed Rate Mortgage - in this type, the interest is fixed over a period of time.

Various Loan Types Covered By The Federal Housing Authority

• Conventional Adjustable Rate Mortgage - in this type of loan the first 3-5 years has a fixed interest after which, interest will vary.
• Hybrid Mortgages- similar to Adjustable Rate Mortgages but the time period for the fixed rate of interest is usually longer.
• Jumbo Fixed Rate Mortgage - for loans more than $333,700. This type has higher interest rates than conventional mortgages.
• Balloon Mortgage - in this type of loan, small payments are made for a period after which the entire debt is paid with a lump sum.
  
• Relocation Mortgage- type of loan for people who need to move to a new home while their old home is on the market.
• Bridge Mortgages- a kind of relocation mortgage wherein the borrower can buy a new home even before their old home is sold.
  
• Equity Mortgages - loans based on the equity percentage of a borrower's home.
• Self-Employed Income Mortgage Loans- for people who are self-employed.
• VA's Home Loan Guarantee Program- this loan program was created for veterans. This is a special type of loan because no down payment is necessary.

Homeowner Lead Generation Pinpoint Qualifiers

As soon as an applicant knows under which category he/she belongs, he/she will need to fulfill the following six requirements:

1. The prospect must not have any past bankruptcy less than two years old. The applicant must have shown good credit standing for at least 2 years from the date of bankruptcy.
2. There must be no history of foreclosure less than 3 years old. The applicant must have shown good credit for at least 3 years following the foreclosure date.
3. There must be proof of billing and proof of a stable income for at least 3 years.
4. The applicant must be able to pay a 3.5 percent down payment.
   
5. The applicant must note that there is a 1.5 to 5.5 percent closing cost and that monthly payments should be about 30 percent of the applicant's income.
   
6. An FHA loan may be assumed from a seller and may be passed on to a buyer.
7. If the prospect is not a refinance lead and is buying a house, its also a good idea to let both the buyer and seller know that FHA purchase loans take longer than conventional loans.

Streamline Leads - FHA Mortgages - No Lates - 13 Months in Current Loan

One way to get a nice bang for your marketing buck is to generate and work FHA streamline leads but you will want to use credit bureau data filters to omit late pays and of course make sure that they have been in the original loan for over 13 months.

*TIP: What is my clients EA Status?Once the FHA has the information by way of the DU (desktop Underwriting Program) your borrower will be assigned an EA status, the EA status, which stands for Eligability Approval will more often than not be either EA1, EA2, or EA3 with EA3 being the dirtiest of loan (harder to fund).

Federal Housing Authorities Work - Helping US Citizens Reach the American Dream.

The FHA does not actually release loans, they insure them.This Administration insures lenders and creditors from the risks of huge losses. By this, the lenders and creditors in turn allow for lower interest rates than conventional programs would offer. Whether it is for building a new house or for the repair of an old one, the FHA assists in acquiring a substantial loan that's easy on the budget and practical while assuring that the lenders risk is limited.

Get Fantastic Ideas for your FHA Mailing List bAcquisition. Call a consultant today to see if your company can start using Credit Filtered Marketing lists today! (800) 884-8323

FHA Lead Lists - About the FHA