Subprime "Two Point Conversion" Mailer

CONVERT EXISTING SUBPRIME & CONVENTIONAL LOANS TO FHA

Everyone loves doing FHA Streamline conversions, because it’s like shooting fish in a barrel. But with a limit on the number of available FHA loans in any given area, it’s important to pursue other lines of business. And while it’s true that millions of non-FHA homeowners actually want, need and qualify for an FHA loan – they don’t always meet the qualifications – especially if they’re currently in a subprime or lower-equity loan. Since Fanny Mae loans have strict underwriting guidelines, including higher FICO and equity requirements, it is not easy for these homeowners to get a loan approved.

How do we use this to our advantage? It’s easy: we simply use prescreened credit data to find individuals who currently DO NOT have an FHA loan, but who meet the basic criteria for FHA approval. These are people who have improved their situation and can actually qualify for an FHA loan – yet would likely have difficulties getting a loan otherwise.

HERE'S HOW WE DO IT: We target a minimum FICO (i.e. 620 or 640, depending on the lender) and cap that range at 719. Next, we exclude anyone with a mortgage late in the past 12 months, and whose most recent mortgage is 18 months ago or less. Then, we target up to 90% estimated LTV (where available) on single family homes. The net yield is a list of responsive homeowners who are motivated to get under the secure FHA umbrella.
BEST: Total Cost Per Mailer = 61¢ per unit
This is inclusive of all creative, printing and mailing fees, inclusive of Standard Class Postage and Pre-Approved Credit Bureau Data.



 

To order today, please call Erik Burnett at 1-800-843-8861 ext. 14, or send Erik an email by clicking HERE.