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Is this the norm or red flag?

Frequent Contributor

Is this the norm or red flag?

Sorry if this is long...
Last Thursday on a whim I stoped by a local realtor as I thought maybe hubby and I should get the ball rolling instead if waiting till summer ( our original plan) She was nice and I told hubby we should consider her. Fast forward to yesterday and she called me to tell me about a loan program she thought might help us and gave the number of a loan officer to get more info from on this program.

So I call the guy and he was helpful and gave me lots of info on a program called mortgage revenue bond loan? It's suppose to be a way to help lower your intrest rate. Anyways, I gave him a bit of our story (mortgage scores, how much down payement we have saved etc...)
He emailed me some brochures which was nice and he left a good impression.

Then he called be back later that day and seemed over eager, and kept telling me I made a great choice in realtors and that we were golden (whatever that means). He wanted more information from me. I informed him that I needed to talk to hubby before going any further and that we hadn't even settled on a realtor. He said, no problem, he would email me more info. I've left a lot out here, but the second phone call was strange and a bit pushy. Where as the first phone call wasn't.

I get the email from him and it's basicly a long list of documents he needs from us with a deadline of next Tuesday for each document. 😐

I replied politely, and told him I was not sending documents or taking any steps until talking to my husband. That our family would move forward when we were ready, and I thanked him for his time.

My question is... is mortgage revenue bond loan a legit program? And... is it the norm to be pushed for documents after one phone convo? The pushiness was off putting
If you've read this far, thank you 😅

Message 1 of 7
Established Contributor

Re: Is this the norm or red flag?

Depends on the state. We call them Down Payment Assistance Programs which we should have. Some lenders are pushy. Some aren't. If I was in that Loan Officer's position, I'd ask when would be the best time to follow-up after you have talked to your husband on the 1st phone call. If you don't know, I'd arrange a phone call next week when you both are available. 

Licensed in IL
Message 2 of 7
Frequent Contributor

Re: Is this the norm or red flag?

OP -Yes, MRBs are legitimate programs backed by Freedie Mac. They are tax-exempt bonds that state and local governments issue through housing finance agencies. Bond loans are issued by state and local governments and subsidize the cost of becoming a homeowner for those who meet certain income requirements, either by lowering interest rates or offering cash assistance.

On your story, end of the day he is a salesman trying to make a sale. The important thing for you to be aware of is that You have the right to say no, since there are many salesmen selling the same product. I'd talk to your husband first, then walk-in to the bank you do business with to get started.


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Message 3 of 7
Frequent Contributor

Re: Is this the norm or red flag?

Wow thank you everyone. I feel more at ease. I'm a first time buyer so I don't know what to look for or expect.

This does sound like a great program to help us get lower rates. We have 20% down and middle scores of 726 (me) and 716 (hubby) our issue is low income 43k and needing to find a home in our price range that isn't and extreme fixer-uper.

Thanks again everyone ☺

Message 4 of 7
Regular Contributor

Re: Is this the norm or red flag?

With those scores, it’s clear why he’s hard selling you: you’re a shoe in for the assistance program and your loan will close easily. If you’re in a rural area you can also look into USDA loans. Anywhoo, definitely stay away from your local branch, brokers will know best unless you bank local or credit union. Good luck!
Message 5 of 7
Valued Contributor

Re: Is this the norm or red flag?

In my state the Realtor and Mortgage person I am currently working with are NEITHER pushy the mortgage person did tell me you will need this that and the third so we can finalize and do that or this or get that started but he was never like HEY did you do this HEY send me that ....etc.    He let me do it on my time and reached out to me randomly to ask how I was and if I had questions or how he could help.     I don't think they should push you that would be off putting to me too Smiley Sad     I would def. keep my options open and look for reviews on those team/people

Message 6 of 7
Frequent Contributor

Re: Is this the norm or red flag?

Application for the mortgage bond program may have a deadline he's trying to work around.
Message 7 of 7
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