Checked boxes may not be what you need based on your situation. #realestate #realestateagent #money

5 Aug 2023 · 1 min

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0:38

A short spoken-advice clip by Steve D Valentine explaining that simply depositing money at a credit union does not guarantee loan approval. He argues traditional mortgage programs (FHA, VA, Fannie Mae, Freddie Mac) use rigid eligibility "checkboxes," and when borrowers don't meet criteria they should consider alternatives such as private financing and hard-money lending.

Chapters

Are you able to put money into an account for a credit union and leave it in for six to eight months and be able to make a personal relationship with a credit union? It's like a deposit account. If I deposit $100,000 into a credit union, are they going to overlook things and give me a loan because I have $100,000 in the bank? That's not the way it works. Here's why. Loans have boxes, right? So fha, Virginia, Fannie Mae, Freddie Mac, they all operate in checkboxes. And if you don't meet the criteria, you don't qualify. So around that is to do private financing, hard money lending. There's a bunch of other things that are out there. You got to start with the basics.