FHA Mortgage Leads
FHA mortgage leads are unique in that they deal primarily
with those clients who may be seeking mortgages, or are eligible to receive
mortgages through the government agency known as the Federal Housing Authority.
Recently the FHA annouced the new FHASecure program to help
families facing foreclosure protect their investments. That combined with the
recent decision to raise FHA loan limits to $417,000 will greatly increase the
demand for FHA products.
The FHA provides mortgages to low- and middle-income families who meet certain
criteria. The mortgages do not apply only to single-family dwellings, but also
to manufactured homes and multi-family units, as well as other things.
Rules for FHA mortgages are different than those for conventional mortgages.
The down payment may be lower, and provisions are or can be made for meeting
closing costs, fees, and other loan expenses.
FHA mortgages have made it possible for people who might otherwise have never
been able to own a house to achieve that goal.
For this reason, many mortgage leads are generated from those who are seeking
or already qualify for a FHA mortgage. These leads tend to
be rather lucrative as they cover a wide range of loan types. FHA mortgage leads
may range from fixed-rate mortgages to adjustable-rate loans. Additionally,
it may not be unusual for a victim of a disaster to submit an FHA mortgage.
Further, many FHA mortgage leads may be submitted for refinancing mortgages,
as well as other types of mortgages.
Because FHA mortgage loans are insured against default, the leads are probably
going to be fairly stable. This, coupled with the other advantages of FHA mortgages,
make FHA mortgage leads a wise investment for a broker or buyer. This type of
loan may just be what the emerging buyer or broker is looking for when getting
a mortgage business started.
For this reason, one may wish to handle primarily FHA mortgage leads to start
with. The fact that is government-supported, with built in “safety”
features, makes it relatively risk-free. This can be very reassuring to the
person just getting started in the mortgage lead business.