Over a year ago, we published an article about creating a mortgage niche offering discounts to teachers, firemen and policemen called Creating a Community Heroes Mortgage Program.
These exclusive groups are the most loyal customers you will ever have. The firemen live together and trust each other with their lives; the policemen are more like a "band of brothers" and teachers know tons of people.
In the article, we suggested that you develop a "savings" package where you offer discounts on closing fees, with free services from an attorney, CPA and Financial Planner. Develop a list of "preferred" real estate agents who will pay $300 towards closing costs (either selling or buying a home). Bundle the savings you have negotiated and offer it to these exclusive groups.
Now, Freddie Mac has introduced a new program called "Home Possible Neighborhood Solution 100". It is exclusively for Educators, Law Enforcement Officers, Firefighters and Healthcare Workers. While your rate sheets will refer to it as the Neighborhood Solutions 100, I recommend that you create your own "brand identity" by calling it the "Community Hero's Mortgage Program".
Freddie is allowing flexible credit parameters, expanded debt-to-income ratios; up to 105% LTV ratios and temporary buy downs with qualifying at the 1st year's interest rate. (See articles, "Creating More Business from Realtors® and Builders Using Temporary Buydowns - Part 1" and "Creating More Business from Realtors® and Builders Using Temporary Buydowns - Part 2".)
Here is the description of the Eligible Borrowers - which includes categories that you may not have even thought about before. Read about the loan programs offered, cash reserves and credit requirements that are extremely flexible - as far as Freddie Mac goes - and be the first on your block to offer this unique loan program.
