Choosing a family member as broker?
A close family member owns a brokerage company and just got licensed in our state a few months ago. I am buying a house in a few months and I was wondering if I can save money if I choose him over other brokers. In my case my husband and I both make $85k a year and we are looking at a home not more than $180k. We prefer to make no down payment to save the cash for other purposes. I am not familiar with available programs out there and I want to get the best option. I have a good credit score and have a Platinum Visa that we pay off each month. Any inputs? by juliano718 from Orlando, Florida. Dec 22nd 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The rules require we treat every client the same, so they will have to give you the same deal they give any other customer. being newly licensed in your state is OK, but if they are new all together, I'd think twice. There are really only two no down payment loans. The VA loan for our US Military, and the USDA Rural housing loan for buying in rural areas. The next "average" loan starts at 3% down at that purchase price range. Good credit, at last a little for down payment, stable income, and buying well within your affordability range usually line up to equal a loan approval. I personally lend for properties in MN, WI, IA, ND, SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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