Welcome to Ready Set Sold with your host Bryan Vogt. Are you wanting or even thinking about selling your house but don’t know what it starts? Good thing you found Ready Set Sold and now real estate broker Bryan Vogt.
Morning I’m your host Bryan Vogt. I hope everybody has sought out those who made the effort down to Mardi Gras I was one of those individuals it was a nonprofit group that I work to booth in and I will just say that I’m glad we had some heaters in the tent but a lot of other people didn’t seem to worry about it and that’s okay too so if you thought out from Mardi Gras that’s a good thing the weather of course around here can be sixty one day and ten degrees the next day and that’s okay to just wait a few hours with that said we’ve got a lot to talk about today.
We’ve got some really cool things we want to talk about one of the things we wouldn’t be talking about in particular is the market the market has been unbelievable I go into more detail about that but the market has been unbelievable and we’re only talking to a boy we haven’t really hit the spring market yet with that said I would like to introduce my not only expert in lending but also a sponsor Dave Holy of new American funding Dave you there I sure AM hi Brian and everyone yes you know the thing about a date is I was talking about that just to kind of hit that a little bit more you’re probably seeing the same things too but one of the things we’re finding is in February.
We are seeing actual shortage of housing which we never saw before we haven’t seen this type of market in years and I think you know one of the things that I want to throw back to you is you’ve got programs now they actually even make it easier for buyers to move forward there you have a 1% program that you guys offer this is actually amazing isn’t yeah we’ve had a lot of good results I guess is the best word I’m looking for with that program it really does reach out to those folks that are traditional conventional buyers that have good credit that have tried well worked hard on their credit throughout their lives you know they’ve saved some money but they don’t necessarily want to use that money for down payment.
They could use it for other things we’re moving into the new house like furniture and other things that you know that they envision to make that home perfect for them so the 1% program works excellent simply 1% down of their money that’s what they’re responsible for and then we actually gift the other 2% at closing so if it is a true 1% down program and like I said anybody that qualifies for it we certainly offer that option because it is a super program yeah I love that too and we were talking before earlier and what I loved is that you’ve got what close to 20 years and I know you’ve got a partner’s got 20 years of experience which is really key and really important I believe you know being on the other side of the real estate side of the experience that and I think one of the things that people don’t know.
And as I said we were talking about earlier before the show started that there it’s not a one size fits all is it no not at all and one thing to touch on that you made me think of when you were mentioned that is I have been doing it for a very long time obviously and I’ve seen the ups and downs and you know a lot of people will remember that are a little bit older the market when it crashed back in 2008-2009 where the housing market really just kind of went in the tank they took away a lot of programs they made it very difficult for banks and lending institutions to lend money and over the last several years we have seen them relaxed those standards tremendously just because they put a lot of safeguards in place to keep that from happening again so these programs like the 1% down the downpayment assistance programs which are so popular now have really come to the forefront.
A lot of people that may have not even tried to get pre-approved to buy a house in the past to get out in the market again which is which is great you know the housing market is a huge part of our economy and to see it driving is super exciting on our end well that’s true and I think what you said too is is that kind of going back to what we said before it’s not necessarily one size fits all it could be the hand of conventional you can handle VA maybe that’s the best program maybe there’s a grant system out there for assisted downpayment that you might be able to help with so it just really depends on what the best tool in the toolbox is for that particular person that may be your veteran and VA loan could be perfect for you and that’s great but again may be a situation where a VA loan depending on what that buyer is looking to do might not be the best fit and I’m sure you’ve found that to be true right?
Yes absolutely because of our proximity to Scott Air Force Base we love our veterans obviously and we’d love to help them whenever we can and the VA program is probably the best program out there for anybody that has a VA benefit so I encourage and again they don’t you need to have perfect credit you know that’s another misnomer you know we’ll go down to a 580 credit score on most all of our programs and really it just takes the time to call or have me call them and talk to them and really dig in on what their goals are what their financial situation is and typically we can put them into something that there’s very happy with and find them the home that they love and that’s you know that they’re excited to move into.
I think something just to clarified I know sometimes just in this business we talk in numbers we talking set another 580 what you’re what to the listeners is and Dave you correct me if I’m wrong it’s maybe less than perfect credit maybe things got away from you so maybe certain things happen to you that you know circumstances change in life does happen and so that 580 number is kind of a you know the the number that maybe you just don’t know but you’re worried that you’re going to have some bad news and I and I think that’s what you’re talking about Davis is you know what maybe some things have happened to you and to give you guys a call right yeah that’s absolutely correct and you’re right I shouldn’t assume that everybody knows what the scoring model is.
I know a lot of people have Credit Karma readily at their fingertips and things now so a lot more people are monitoring their credit which is a good thing because it’s very important when trying to secure a home loan or really any other type of financing but yes you’re correct so you know 580 is basically a little bit of challenges into passing their credit but they’re working toward improving it and you know that’s really the key is you’re working toward improving it and that’s the reason why they relaxed the credit standards a little bit to allow people to qualify because they realized that you know things in life happen medical situations divorce or other things that can maybe bring your score down a little bit but if you’re working toward improving it worse we certainly have programs to help them you know get into a home which is our main goal anything something else important that you mentioned and this goes from sellers to because I always talk about the most sellers 90 95 % of sellers going to become buyers too.
So it’s important to understand too that we did have a struggle it was it was a bad situation when you mentioned about the in ten years or so ago and they did come down with some some things but I think it’s important to understand that were on the lending side it was almost the perfect storm that that they went too far with some of the things and it made it almost even harder to get a loan and honestly Dave from one hearing from you is very simply is that they’ve changed things they just went too far it happens but we’re not we’re not pulling the plug out of the of the bathtub and it’s all going to go down tubes again right correct yeah they put a lot of different legislation in place over the last seven or eight years that has gone into effect gradually they kind of weeded out the Bad Seeds in our industry which was you know well overdue there’s a lot of strict qualifications and licensing that we have to go through now to be able to do what I do and that’s to protect the the buyer and the seller and everybody in the transaction.
In relaxing the standards or guidelines now is just like I said just trying to get more people that are really working hard to improve their situation into a home and there are a lot of things to protect both a consumer and you know the lender in our case with regards to not having what happened back in 2008-2009 happen again so yeah our industry is strict very very very detail-oriented when it comes to that and also very cognizant that they don’t want it to happen again so why I don’t think anybody wants that to happen again but again what I’m hearing from you is that they put more restrictions basically on who can do a lending job because yes back in the day and I was in the business of that time to uh if you if you had a breath you were a lender meaning if you were breathing all of a sudden you became an expert and you know that probably got people in some trouble that they used to need to have bottom line.
Exactly a lot of people were doing it I shouldn’t say a lot but a fair share people were doing it they probably shouldn’t have been they didn’t have the best interest of the client in mind certainly they had the best interest of themselves in mind which they didn’t last very long which is like I said a good thing in our industry but we couldn’t be more excited about you know what we have to offer here and you know helping those people that don’t have perfect credit as well as the people that do have perfect credit and making the process as easy as possible communication in them in our business is the number one thing hands down to make the transaction go smooth and that’s what we pride ourselves on so awesome he run around time that Daisy back was.
Next segment because we’re going to talk about some things also interest rates going up and Dave is going to with new American funding to give his expertise on that and what buyers are so should be looking for. Ready Set Sold, I’m your host Bryan Vogt. We’ll see you.