1st time buyer specialist
Random Facts of Housing
Random ways to boost qualification
Loan program you didn't know you needed but you DO
What you can do to help compete with other offers
100
The average age of a 1st time homebuyer in 2026
What is 40?
100
The year that women could legally have a mortgage
What is 1974?
100
A loan that clients can take from themselves via their retirement account that doesn't impact debt to income ratio
What is a 401K loan?
(Use for buying before sell clients, they pay themselves back quickly and typically can withdraw up to $50K penalty free)
100
A type of mortgage where owners over the age of 62 don't have monthly payment and can actually get paid monthly from the equity in their home.
What is a Reverse mortgage?
100
What you can do in a contract to tell the sellers that even if an appraisal comes in low your buyers will still buy it
What is appraisal gap?
200
The two largest barriers to entry for first time home buyers
What are monthly payment concerns and down payment concerns (I'll take affordability)
200
Which gender of single homeowners own the largest percentage of homes?
Women! Single women own roughly 2.72 million more homes than single men in the U.S., with approximately 11.14 million homes owned by single women compared to 8.42 million by single men. This translates to single women owning 13.01% of owner-occupied homes, compared to 9.83% for single men, making them more likely to own homes in 47 of 50 states.
200
If a client can access their retirement accounts penalty free (typically 59 1/2), we can set-up these from the accounts and pretty much use any income we want to use as long as we have 3 years continuance.
What is distribution income.
200
A type of loan program designed for self-employed borrowers where their taxes look like they make no money, but they really do!
What is business bank statement loan or 1099 loan.
200
The type of pre-approval that is the best and tells the seller there is no issues with financing
What is a TBD underwrite?
300
The down payment requirement for a 1st time buyer not using down payment assistnance
What is 3% down?
300
A homeowner can do this to lower their monthly payment without refinancing after a larger principal payment is made (Minimum of $10K)
What is a recast? Also known as delayed down payment.
300
A technique to lower the interest rate permanently- what is a permanent rate but down.
What is a permanent rate buy down?
300
A type of loan for high-net-worth individuals that don't receive a paycheck where you can take the total assets and divide by 240 for qualifying income.
Asset Depletion loan
300
A type of close that is less than 30 days.
Quick Close - We can close in 10 business days especially if a client is TBD underwritten
400
Using a CHFA DPA (Down Payment Assistance) program combined with seller credit what is the total borrower contribution required for the transaction? (I.e. what is the lowest amount of money they can have in the transaction?)
What is $1,000? (Bonus this can be a gift!!!!)
400
This is the average annual mortgage rate from 1971-2025.
What is 7.74%? (Compare that to today's average rate of 6.625%
400
The type of income used when boosting qualification if a client has lived with roommates and has collected rent before purchasing and that same roommate is moving in with them at the new house.
What is boarder income?
400
A client can assume the terms of the loan (I.e the sellers 2.5% mortgage rate) on this type of loan
What is FHA or VA or USDA? (I.e if it ends with an A it's ASSUMABLE)
*Note we have the GAP loans if clients don't have all the funds to bridge the balance difference
400
This allows for the sellers to stay in the home for up to 60 days after their home is sold
What is a rent back agreement?
500
A common way for first time buyers to reduce housing payment by living with roommates or hosting Airbnb guests
What is House Hacking?
500
This is the percentage of homebuyers that think they need 20% down payment.
What is 50%
500
The type of property(s) when a lender can use income from a subject property even when the client is buying it as a primary residence?
What is a Single Family House with an ADU or what is multifamily homes.
500
This is a loan program where we can exclude the departing residence payment from the DTI to help buy then sell clients if all financing contingencies are met
What is regular conventional loan (we also have a different program if their home isn't under contract to exclude payment and boost qualification)
500
A phrase such as “Buyer will only request repairs for single items exceeding $5,000." can be written in what section of the real estate contract?
What is additional provisions?