FHA 203k Mortgage-The Quarterback (QB)- Part 1
Peyton Manning? Are you serious?
Yep – I am. I am personally a Philadelphia Eagles fan, but for the purposes of this blog and what I am going to be showing you during my next few blogs I need you to understand my point.
Peyton Manning is the true general on the football field. There are others in the league who might be better but no one at his peak can command an offense of 11 players. If you’re a Pats fan or a Saints fan, lets leave that aside and let me explain how this fits in with FHA mortgages and more specifically FHA 203k Renovation mortgages – we can argue about the best QB later 🙂
When I or one of my team members works with you as your mortgage banker we act as a quarterback. This is the analogy that I always use with my customers. The reason is really simple – the FHA 203k mortgage has many moving parts. For example: lender (QB), realtors (WRs), clients (RB), contractors (OT / OG), FHA 203k consultant (Center), appraiser (TE), etc… If you do not have a good quarterback to act as a general on the transaction, just as Peyton Manning acts on the football field, you will become one of the many customers who calls me upset because they have been working on their loan with XYZ lender who told them they would get their loan done in no time. Next thing they know, 6 months have gone by and they are no further along than when they started.
This is not unusual – I get this scenario all the time. Customers work with lenders who really do not know what they are doing with these loans and thus I get a lot of frustrated consumers looking for help. The QB mentality is what I take with my borrowers because our team wants you to have a smooth transaction and have you close it in a timely fashion.
As your FHA mortgage quarterback – my team and I will make sure that the players are doing their part and in the right position. This means coordinating with contractors, setting expectations of the realtors, explaining the draw process and getting the right FHA 203k consultant for the job.
To be continued……Part 2- Setting the Expectations