How to Convince First-time Home Buyers to Take Out FHA Loan?

Most people apply for conventional mortgages while buying homes. While some might be unaware of the existence of FHA loans, there are many who may think they don’t qualify for FHA loans.

As an FHA-approved lender, you might want to convince first-time homebuyers to take out FHA loans. Here are a few things you need to do:

Generate leads

Generating leads is very important for the business. It is no different if you are an FHA-approved lender. You can ask around or tie-up with realtors for some references. Alternatively, you can also buy leads from lead generating companies. As a pioneer in lead generation, Heritus can offer you a steady supply of FHA leads to keep your business going. We capture leads as per your requirements. We also offer real-time as well as live lead transfers to increase your chances of conversions.

Find out if the prospects qualify for FHA loan

Gather as many details about the prospects you are going to contact and see if they qualify for an FHA loan. If you are buying leads from a professional lead generating company like Heritus, they will make sure the leads you get qualify for FHA loan. Once you know they do, it is time to start talking to them about the FHA loan.

Talk to the prospects about the benefits of FHA loan

If you are in touch with a prospect who doesn’t know anything about an FHA loan, this is your chance to explain the benefits of the product. Highlight the fact that the prospect will only have to pay 3.5 percent of the home value as the down payment if he qualifies for an FHA loan. Compare this with a conventional mortgage and make your prospect understand how much he can save if he goes for an FHA loan. Also, tell the prospect about the minimum credit score requirement.

Clear any queries the prospects might have about applying for FHA loan

The prospect has to be made clear about the entire process of applying for an FHA loan if you want to convince him to go for one. Talk about each and every aspect of the application process including qualification requirements, documentation needed, down payment to be made, closing costs to be paid, mortgage insurance, and the time is taken for approval. Make sure there are no doubts about the FHA loan in your prospect’s mind.

Offer help with the process

Finally, make sure you make it as convenient as possible for your prospect to get his FHA loan approved. Offer as much support as you can at each and every step of the application process. Make sure the prospect is very clear about what he has to do, in order to get his FHA loan approved. Try and eliminate barriers to ensure things go as smoothly as possible. Gaining the trust of your prospects is very important if you want them to take out FHA loans. So, instead of trying to sell, give them all the information they would need in order to take an informed decision.

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