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Ready Set Sold with Bryan Vogt #33-02: Deb Rust: 1% down payments are available

January 13, 2018

Welcome back everyone to Ready Set Sold. Thanks so much for joining us hope you’re having a fantastic weekend and just kind of recap I’m here with Deb rust of new American funding they are experts in their field they’re also sponsors now of the show which were so happy about but what we talked about the last segment was the fact is which was actually something and during the break meaning that talked about that I didn’t know that I actually been in this business for quite a long time but the fact that you could get a you could make an offer that it was good as gold if you filed your taxes and you knew you were getting it back the money so you can use that for a down payment or for whatever things you want to.
Maybe it was furniture wherever your situation is so that was that was great information that that was fantastic for Deborah share but now we’ve got even better information depending on where you’re at in the buying process and again if it helps the buyers it helps the sellers so it’s a win-win situation and Deb you talked about I think a while back but the one percent down payment how in the world does that work yeah talked about it a while back and I was a little hesitant on the show talking about it because there were rumors going that they were only going to extend it through the end of February so it was literally a 30-day push for us at our ages to get some buyers in.
But we got word shortly after I did the show that they extended it through the end of June for us and I keep saying for us and I really mean that it’s not a sales tactic if another company was offering the program I’d endorse them but new American is literally the only company around that can do this one percent down program in there’s reasons for that being that new American services their loans so the fact of us not having to sell the sell-off on inventory after closing allows us to hang on to them and gives us the money to do this one percent down program and it’s really just it just opens up a lately new group of buyers I guess for lack of a better word I mean we’ve always had the low money down the first-time home buyer programs you know always have the ability to have people get a gift or any of those things but the 1% down literally the 2% it’s a it’s a 97% loan so it’s a 3% conventional loan and 2% of the down payment comes from mass.
So from new American millander gives it to them so any buyer can get into a conventional home with 1% down and that we’ve seen mortgage insurance rates are a little bit more competitive the interest rates very competitive in the past there have always been programs like this but you just seem to get you kind of put buyers it was kind of a hard sell because you put buyers in a situation now if the home had could only go conventional than that that was the way to go but in this in this situation it was just a hard sell when you knew that the FHA loan the three and a half down was a better deal this 1% down program is hugely competitive and just a really great deal so you get a buyer into a conventional loan program which is always good so 2% from lender 1% from the buyer the credit score requirements aren’t very restrictive there is leniency on that the debt ratio guidelines but the normal guidelines of can I add a cosigner they also apply it’s just a really good program.
And I think just selfishly I kind of want to endorse it a little more than average because I want to show granny May that it’s relevant and that it’s something that you need to keep you know out there for us so we can always kind of have that niche like I said that’s a completely selfish lending move but I just feel that strongly in the program that it’s that it’s really good I have done two buyers on the program just in the last several weeks and it’s just amazing from a paper standpoint from a lot of things just how much better it is to do that versus you know some of the grants that are out there and that and it’s not for everyone but it’s for a lot you know so so I feel I feel really strongly about the program and to take it back to what we talked about in the first segment with the tax refund.
You know you conditioned by our Sibley’s and they’re still buyers out there that believe they can’t buy a home unless they have 20% down or 10% down and that’s just not the case and to be able to you know get a $3,000 tax refund and turn around and buy a hundred thousand dollar house and have a thousand out-of-pocket is incredible that’s just that’s just an incredible you know on a conventional loan you know a regular conforming loan it’s just with no stipulations on how long you live there do you have to pay it back or is there any recapture nothing it’s just you in and you go so I like it no and it sounds fantastic I’m talking with Deb Russ of new American funding her and David Hoyt is a team I would say professionals there are also sponsors of the show which I’m very happy to announce again.
I mentioned the last segment there greater what they’re do they’re experts in their field and one thing I kind of wanted to highlight that you talked about that I thought was that you that I know you’ve done this for such a long time but maybe sometimes providers out there and again showers 99 90 to 95 percent time are going to become buyers is when you start talking about these things about well how much debt and how many things that you have and mortgage you know debt to what you make and all those things and I know it’s easy for you but I think that’s why you need to be contacting and having a quick conversation with a lender such as Deb and so Dave is.
The importance of that that sometimes we forget even being in the fields I know myself is that what exactly does that mean now it’s pretty simple and I know Deb and Dave regretted explained it to it but I’m sure those conversations come up quite often or get the ratio what that looks like and what have you we may not have time to go into it right now but just sitting down and talking with the Wonder like yourself is so huge right mm-hm absolutely I think that’s the most fun part of my job is pre-qualifying someone who is paying 850 a month in rent which isn’t uncommon in our area and they find out they can buy a hundred thousand dollar house or more for less than what they’re paying in rent and they just don’t realize that you know it seems to them like they’re going to double the rent payment and renting is the way to go and it just truly isn’t as well as the
tax benefits and everything else.
Why that’s my favorite part of lending is talking and educating people on that and really pushing of course that’s my forte is pushing homebuyers well I think what we’re really talking about is excitement I don’t think as far as pushing I’ve never known it well yeah it’s just the excitement I mean yeah then the light bulb goes on right all right with that being said we ran out of time this time but hey so much thank you so much Deb for being on the show thank you for your sponsorship the information that you gave today was not only timely but it was really good and I actually learned something and I love that because it’s kind of what the program is all about it’s gave people information that they can use right now or down the road.
So again Deb thanks so much Deb rust of new American funding her and her partner Dave Hawaii been our guest they could make it but dev filled in great with that next segment we’re going to be talking about carpeting everything you wanted to know about carpeting and we’re afraid to ask.
I’m your host Bryan Vogt. We’ll see you.

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