Mortgage broker to screen lease option tenant-buyers

2 Replies

I'm working on wholesaling some lease options. I've been studying Joe McCall's info.

I'm stuck on finding a mortgage broker to screen tenant-buyers. 

Anyone who has studied joe's course have any recommendations?

You want to make sure the tenant-buyers will be able to qualify for a mortgage before the option expires.

Originally posted by @Scott Bottomley :

I'm working on wholesaling some lease options. I've been studying Joe McCall's info.

I'm stuck on finding a mortgage broker to screen tenant-buyers. 

Anyone who has studied joe's course have any recommendations?

 Scott you're  in Maine and I would go to a major city in Maine like Portland  and then go to the Chamber of Commerce and talk to the Chamber president that you need a good mortgage broker for residential loans

That I would use the chamber president's name and call the Mortg broker up and taking him her to lunch

With Dodd Frank a lot of mortgage brokers are worried about lease options so you need to reassure them that you're just trying to get an idea of present borrowing ability if they have the down payment, check DTI if everything else is okay

F ICO is changing to include people with no credit such as paying their phone bill on time, their rent on time, etc

I would write out a written agreement with the broker saying that if the mortgage broker gives a written opinion on a possible borrower they will be compensated a fee for their time and they will be able to originate a home loan and get a commission when the time comes

This is not easy and it may pay for you to get your mortgage brokers license in Maine so that you can do a minor origination on all your time buyers if you're doing a lot of them

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