House: Dwelling



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MINI MEDIA PRIMER

Make sure you know the topic and can handle questions concisely.

Practice delivering your information in “bite-sized pieces” that are “easily digestible” for an audience.

Make sure you are familiar the media outlet you’re contacting and its audience.

Send your pitch to a specific person and make sure you have correct contact information.

You need to be available on the media’s schedule. Take their calls or at least return their calls immediately – the media won’t wait around or give you a second chance.

Be ready to give an interesting, brief summary of your topic when you call a media outlet to pitch or follow up on an idea – it’s like a mini-audition.

If you get on the air – no matter what – don’t EVER talk over the interviewer.

TOPIC OVERVIEW:

• Homeownership will have to be a partnership with the lender, no longer a sponsorship

• 100% is great for effort, but not a mortgage.  Maxing out credit cards isn’t advisable, but maxing out mortgages will no longer be permissible in most cases.

• Lenders and mortgage insurers have decided that zero down loans are bad bets, so they want borrowers to pony up more money.  

o More money down means less risk – borrowers who had the ability and discipline to save a down payment are seen as more substantial.  

o These borrowers have invested something, therefore they have something to lose and are considered they’re less likely to let a house go.

NEGATIVE TRICKLE UP: The loss of zero down conventional financing will stall the flow of first-time buyers into the market and inhibit the flow of move-up buyers into higher price ranges.  Recovery in the real estate market will require sales and that is problematic with the continual shrinkage of the buying pool

TALKING POINTS & REAL LIFE EXAMPLES:

Maxing out credit cards isn’t advisable, but maxing out mortgages will no longer be permissible.

Lenders and mortgage insurers have decided that zero down loans are bad bets, so they want borrowers to pony up more money.

“Negative Trickle Up” could hit communities hard: The loss of zero down conventional financing will stall the flow of first-time buyers into the market and inhibit the flow of move-up buyers into higher price ranges counties and states also offer down payment assistance programs that may help some qualified people become homeowners without a five or ten percent down payment. Borrowers must fully investigate lenders they work with to make sure that they’re equipped to provide all available programs in their area.

SAMPLE MEDIA PITCH EMAIL

Alter this to personalize with the recipient’s info and yours. Modify all areas highlighted in red so they are appropriate for the media outlet you send it to.

Subject Line: No More Giving 100%

Dear_________;

I’m a regular [reader/listener/viewer] and enjoy your [publication/station]. I have a lot in common with your [readers/listeners/viewers] and have some important information for a story that affects many segments of your audience. I thought you could do a great job with it. We’ve heard a lot about foreclosures and so-called “bad mortgages,” but something is about to happen that will adversely affect borrowers with excellent credit for the first time.

Zero down financing will no longer be available as of March. According to the National Association of Realtors, 64% of all first-time home buyers needed financing that allowed less than 5% down in 2006. Elimination of zero down financing will eliminate approximately 25% of all potential home buyers. That could add a massive hit to an already flagging real estate market.

In addition to the information I can provide for the [story/segment/interview] I’ve compiled some additional sources for you. I also put together a “Post Purge Primer” as a quick reference for consumers with information for home buyers, homeowner hopefuls and home sellers. It can be used as a graphic along with the story, be made available through your website or be dispensed free upon request to your audience.

I am available to be interviewed at your convenience. I look forward to an opportunity to talk with you and your audience!

Sincerely,

[Your name]

[Your contact info]

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Dos and Don’ts for Home Buyers and Homeowner Hopefuls

1. DO find out if your mortgage consultant has access to first time buyer programs including down payment assistance, city, county and state homeownership stimulation packages.

2. DO only work with mortgage consultants that have access to FHA programs as well as conventional loans. Much of the current mortgage mess could have been avoided if buyers were put into FHA loans instead of subprime loans.

3. DO start saving. Lending rules are going to be shifting for the next several years, and at any time the need for a down payment could go up, so start setting money aside.

4. DO buy now. Zero down loans are still available for a couple of weeks, and dropping home prices make this a great time to buy in many areas. Homes are more affordable today than at any time in the past 5 years in many parts of the U.S.

5. DON’T pay off any credit cards or accounts without having your mortgage consultant analyze the best use of cash and how to balance your overall financial picture. Paying certain things off may not improve your credit score and any cash on hand may be better used for down payment or reserves.

6. DON’T make any major purchases without discussing it with your mortgage consultant if there’s any possibility you could buy a home within the next few months. Major purchases include autos, high-ticket electronics, furniture or anything you might finance on credit.

7. DON’T open or close any new credit accounts without discussing how this affects your credit with your mortgage consultant.

Help for Home Sellers – Cautions to Ensure Closing

1. Get a pre-approval letter. This is more substantial than a prequalification letter.

2. Make the buyer disclose the type of financing they are getting, and the amount of down payment.

3. If your buyer is pursuing conventional financing with either a 100% first mortgage or two loans that combine to equal 100% (80/20 or 75/25 are the most common), ask the lender to provide a letter from their investor confirming that this program will be available at the time of closing.

4. Require a final commitment letter from the Lender at least two weeks prior to closing, or one month after an accepted offer, whichever comes first. This letter should state that the loan has been underwritten and approved, including the appraisal of the home.

5. FHA and VA loan types are not currently undergoing any changes that would negatively impact the sale of your home.

[Personalize here with your name, title, contact info]

For more information and to learn how to choose, groom, prepare and information through the media, check out MMG’s in-house media institute! We’ve enlisted radio personality and media expert Kelly Guest to share secrets that defy conventional thinking and can get you out to the masses and ahead of your competition. Kelly’s book and other resources are available to our subscribers at .

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