If They Can’t Finance It, They Can’t Buy It
As the Manager of a home builder in the 1980’s, I learned the Higher the High’s the Lower the Lows. With challenging high interest rates, our secret to success was mastering MHFA State Bond financing in combination with FHA programs for first time buyers. Offering discounted payment programs, baby boomers signed up and we built 100’s of homes. One weekend we sold 17 homes to be built (A record that I haven’t topped since).
In an effort to reduce suburban sprawl, FHA initiated regulations that they would only finance homes on city sewer. Nearly all our new home developments were acreage sites on well and septic. We lost 14 sales when I received that phone call.
Over the next 3 years, I worked to overturn that ruling and get our subdivision approved for FHA financing. A process that included persuading the Met Council to approve as well.
Now that’s another story… continued next month or online @JoyerHomeTeam.com.