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richrano
174 Posts |
 Posted - 04/17/2008 : 4:10:24 PM
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has anyone heard of them or used them? If how long have you used them, etc...they are supposed to be a dp assistance cmpany like Neamiah or Ameridream.
I'm looking for reputable proven companies to refer buyers to only. |
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EMScommercial
3565 Posts |
Posted - 04/17/2008 : 4:22:21 PM
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| never heard of them |
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fsboguy
3338 Posts |
Posted - 04/17/2008 : 4:23:31 PM
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| http://www.quickdown.com |
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richrano
174 Posts |
Posted - 04/17/2008 : 4:24:58 PM
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| ok has anyone heard of Quickdown???.. |
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fsboguy
3338 Posts |
Posted - 04/17/2008 : 4:25:46 PM
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| I have! |
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richrano
174 Posts |
Posted - 04/17/2008 : 4:28:03 PM
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| heheheh and how long if ever have you used them-how do they compare with the others-please don't be bashful |
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JanSchrader
44 Posts |
Posted - 04/17/2008 : 8:16:28 PM
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| Check out Partners In Charity. They were (and still might be) the only DPA follwing the industry's best practices. Go to www.partnersincharity.com |
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d_damiano
271 Posts |
Posted - 04/17/2008 : 8:47:04 PM
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quote:
Originally posted by richrano
has anyone heard of them or used them? If how long have you used them, etc...they are supposed to be a dp assistance cmpany like Neamiah or Ameridream.
I'm looking for reputable proven companies to refer buyers to only.
Rich, they are not a Down Payment Assistance company, they are a network that provides sales, training, coaching, lead generation and other marketing solutions, as well as a buying co-op to save money, for Loan originators and Realtors to promote all of the different Down Payment solutions available and most importantly collect apps.
They don't care if it's a Grant, Community Second, DPA charity like Ameridream, or Nehemiah, Partners in Charity, Quickdown or an Indian Nation like Grant America, or an Earned Income Program like The Owners Alliance memberships.
They teach you how to use and promote all of them and some in combination.
from their website http://www.TheDownPaymentGuyNetwork.com
"We provide loan originators and Realtors the tools to attract these buyers and the training to acquire the expertise and knowledge on how to structure loans using a variety of down payment solutions to get deals done in today's market."
You get everything you need to generate 100% exclusive high-quality, real time live transfer leads and online loan applications.
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Access to the Down Payment Guy on-demand video training, weekly Webinar, Tele-seminars, coaching and live support.
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Discounts to vendor services such as printing, telemarketing, signage, call capture and more.
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Networking opportunities - both on and offline.
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Free Advertising in our Online Directory.
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Industry News Updates.
If you sign up please use my promo code 901, I think I make $20.00 or $70 bucks, I'll have to check in the morning, but even if you don't sign up with my code it's still a good deal.
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tktmsa
76 Posts |
Posted - 04/18/2008 : 09:34:11 AM
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Excellent operation!quote:
Originally posted by richrano
ok has anyone heard of Quickdown???..
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frontnback
63 Posts |
Posted - 04/19/2008 : 07:37:30 AM
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quote:
Originally posted by d_damiano
If you sign up please use my promo code 901, I think I make $20.00 or $70 bucks, I'll have to check in the morning, but even if you don't sign up with my code it's still a good deal.
Dennis,
I'm thinking to sign up with the "downpaymentguys" and will use your promo code if I do. But first, what's your response to these questions: Are the DPA programs going to be around in the forseeable future, especially with several lenders either restricting their use or cutting them off completely? How effective are the DPA's and other programs in declining markets? Thanks for your informed response. |
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d_damiano
271 Posts |
Posted - 04/19/2008 : 12:37:37 PM
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quote:
Originally posted by frontnback
quote:
Originally posted by d_damiano
If you sign up please use my promo code 901, I think I make $20.00 or $70 bucks, I'll have to check in the morning, but even if you don't sign up with my code it's still a good deal.
Dennis,
I'm thinking to sign up with the "downpaymentguys" and will use your promo code if I do. But first, what's your response to these questions: Are the DPA programs going to be around in the forseeable future, especially with several lenders either restricting their use or cutting them off completely? How effective are the DPA's and other programs in declining markets? Thanks for your informed response.
My opinion is DPA's are going to be around forever in some iteration or another and let me explain why I think this will be the case.
The whole HUD-DPA fiasco (6 month lawsuit where HUD lied and lost) was basically driven by the politics of the Bush administration taking campaign contribution money from the private mortgage insurance companies to kill off the competition.
Even if Mcain wins in November we will still probably have a Democratic Senate and House as the majority. The Democrats on the Hill are as Pro DPA as it gets and there is no way in this housing market they will take away the stimulus of DPA. Even the few Republican Senators that were against it have been taking campaign contributions lately and they realize that we need to stimulate the low end of the housing market.
So I think it's a political bouncing ball that will eventually fall (especially in a campaign year) on the side of promoting housing and the economy.
#2 The new innovations or solutions in the marketplace for conventional loans, like the Owners Alliance Membership program (where you recommend to your borrower that they get a part time job selling memberships to sellers and earn a commission on those memberships) will gain a lot of traction in the conventional loan space. Especially now that they stay with the seller and are not considered seller contributions or Interested Party Contributors.
There is just too many houses sitting across the country, and there will always be a smart business person coming up with a solution. Even when the market turns around to be a sellers market again in a few years there will always be a need for Down Payment Solutions.
As far as several lenders either restricting their use or cutting them off completely in my opinion is just poor management on the banks part (which most of us that work with them every day are not really shocked about are we?) I think it's mostly fear based or a lack of knowledge or an after effect of the confusion HUD tried to stir up.
The bottom line is when you are making a loan you want it to be insured so if it goes south you ass is covered. The private mortgage insurance companies are in pretty deep poop right now and I would not be surprised to see 2 or 3 of them go under or be merged together.
So... since there is still virtually no secondary markets, we are all going to be sucking off of the Gov't Teat for a while. Everyone knows that it's Housing that drives our economy, and that the PMI companies are hurting. I just can't see at least on the FHA side the governemnet letting them go away. On conventional side The Equal Credit Opportunity act states it's against the law for a bank to discriminate against part time income.
Lastly, the best part of the Down Payment Guy Network for me wasn't just doing loans with down payments (although that has been great), it was positioning me with realtors and builders as being able to do something that others could not. Now they call me with all their other loans that don't need down payments and I'm picking up refi business because I'm perceived as being a professional that is innovatiove and on top of all the changes taking place in the market.
In declining markets, I can't see much business being done without a down payment solution. Here in Arizona we have 85,000 houses for sale and we only sold 4400 last month. I'm telling you for a fact, that if there was not a sign up in front of these properties that said Down Payment Solution available, no one would be looking at them at all, much less being able to qualify any of borrowers.
Unfortunately, we have a low median house price so the FHA jumbos have not really affected me, but it's going to be interesting to see how the banks work this out on FHA jumbos + DPA's (I can't imagine them not doing them)
Sorry for the long winded ramblings, it's just I'm sick and tired of the brokers not fighting back. Letting many underwriters who are nothing more than glorified processors be elevated to underwriter status and not having them be properly trained or learning the guidelines and be in such a powerful position that effects so many lives is creating problems. I'm happy that these guys arm me with the tools I need to help get my loans closed, just this week I had them on the phone with 2 different underwriters teaching the underwriter what the rules were.
I agree with Mandy from another post, they are making up the rules as they go along and that's not right.
But to answer your main question, I see DPA as being part of my markerting strategies and one of the tools in the toolbox for quite a while to come. For Purchase business, the way things are right now it might be the most important club in the bag.
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richrano
174 Posts |
Posted - 04/19/2008 : 2:41:50 PM
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Thanks for your detailed explanation, it makes sense to me.
What are some proven ways to get the word out quickly, that you have used successfully? Re:thedpguys |
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d_damiano
271 Posts |
Posted - 04/19/2008 : 3:40:03 PM
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quote:
Originally posted by richrano
Thanks for your detailed explanation, it makes sense to me.
What are some proven ways to get the word out quickly, that you have used successfully? Re:thedpguys
OH MAN! The Suns -Spurs game was amazing, I can't beleive we lost :(
Rich, it's not a magic pill and it still takes work but, the Best way has been old school and building relationships first with builders and condo complexes (FHA approved way prefereable)
The second best way has been handing out business cards that aim people at my movies.
The third best way has been leaving CD Roms in the little easels at the church and the dry cleaner
The 4th best way although pricey has been to put up 3 foot x 10 foot banners at the condo complexes, they cost $120.00 bucks each + my call capture # but they at least get me in the door.
The 5th best way has been to print Open House Flyers that have my contact info on them.
The 6th way has been post card mailings to SFR non owner occupied houses
then renters
I'm looking forward to getting my Internet stuff going and buying banner space this week on the local papers web site in the real estate section.
e-mailings have been the cheapeast and really help me out with my realtors.
Cheap classifieds have been ok as well.
There is still a lot of stuff I want to try out but haven't gotten to it yet.
But the best has still been the radio promotions where we invited people to a furniture store on a sat am (I got 20 apps in 2 hours) closed 3
I have to do that one again this month
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richrano
174 Posts |
Posted - 04/19/2008 : 5:06:54 PM
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| wow-thanks for the info...yo're a busy guy. |
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lucky1s
3093 Posts |
Posted - 05/07/2008 : 12:39:07 PM
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That's a brillian synopsis Damiano.
Can I borrow it?
Does anybody think there is a chance fannie/freddie products will allow seller funded DPA anytime soon, perhaps when the declinng market goes away and we get our 97% community products back? |
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Greg_Home123
307 Posts |
Posted - 05/07/2008 : 12:44:16 PM
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| In the best times of mortgage lending they would not allow DPA on Conforming loans. They are not going to start doing so when the times are bad. |
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lucky1s
3093 Posts |
Posted - 05/07/2008 : 12:45:47 PM
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They kind of lost me on the whole recruiting issue.
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d_damiano
271 Posts |
Posted - 05/08/2008 : 4:07:15 PM
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quote:
Originally posted by lucky1s
They kind of lost me on the whole recruiting issue.
Tracy that's the easiest part of the whole program they do.
You need referrals right?
They come from Realtors, Builders and FSBO's mostly.
What I do is sponsor a Realtor (they can't join the network unless a LO refers them) and say look I'm a member of the network and I can do deals that no else can and get more of your buyers qualified than anyone else, if you join, I'll co-op advertise with you on your listings. If you don't want to join that's ok just send me the deals anyway.
If it's a builder I just pay for the banners, signs, open house flyers (well actually my title guy splits it with me.
Here is the best part, every time they (the Realtor, FSBO, or sales person on site at a builders model home, hand out a business card, or a cd rom card or stick up an easel, run an ad, list on MLS, print out the open house flyers or the free single property web sites, stick up a sign rider or a yard sign, that says this home qualifies for a free down payment, I get a copy of the lead to pre-qual.
10 realtors each get 5 new leads per month that's 50 leads for me.
It's so easy! and in my experience it's been much smarter to spend the money on a relationship that will feed you forever, instead of the price of an ad or buying leads.
We forget because we still get to do refi's that Realtors only eat when a house gets purchased or sold.
There is no better way to get buyers than to offer free down payment money. Also there is no better way to sell a home faster than to offer free down payment money.
Now every time a realtor signs up into the network with you as their sponsor you make a commission like $50 or $75.00 bucks - I just turn it around and buy more signs or cd rom cards or print more flyers, but it works either way
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mojojojo_1
289 Posts |
Posted - 05/08/2008 : 4:23:31 PM
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| wait where does the money come from for DPA. is it really a grant, our tax money? |
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lucky1s
3093 Posts |
Posted - 05/08/2008 : 4:27:57 PM
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You make a good point.
You should go work for them!!
My biggest issue is that if I go W2 in order to do FHA loans I get a 20% commission cut.
But if I get more purchases, my family earmns more because my husband is a realtor.
And I am a little concerned about how long thew seller funded DPA's are going to last. They kind of remind me of the new 100% stated. |
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d_damiano
271 Posts |
Posted - 05/08/2008 : 4:39:41 PM
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quote:
Originally posted by lucky1s
You make a good point.
You should go work for them!!
My biggest issue is that if I go W2 in order to do FHA loans I get a 20% commission cut.
But if I get more purchases, my family earmns more because my husband is a realtor.
And I am a little concerned about how long thew seller funded DPA's are going to last. They kind of remind me of the new 100% stated.
Seller funded DPA's are going to be around for a very long time to come, I have no fears about that at all.
You know sometimes as salespeople we forget that you have to sell what will close.
Don't get me wrong I would love to be doing Jumbo's in Scottsdale for high tickets, it's just you can't close them.
Wall Street and the secondary markets are not going to get fixed for a very long time, therfore it's govies for me.
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d_damiano
271 Posts |
Posted - 05/08/2008 : 4:46:53 PM
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quote:
Originally posted by mojojojo_1
wait where does the money come from for DPA. is it really a grant, our tax money?
MOJO there are all types of DPA's
some are gifts from family
some are grant money (our tax payer dollars)
some are charity organizations
some are employers
most are from the seller contributing to either a non profit organization or an Indian Nation.
some come from earned income programs.
some are seller carrybacks
some are rent or lease to own programs
I can't say it enough for less than 20 bucks a month you can join thedownpaymentguynetwork.com and get more education, coaching, marketing, leads, free advertising and savings on the stuff you buy everyday than you can get anywhere else.
I don't know what else to say other than it's 15 loans this month I never would have gotten any other way |
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