 |
April 18, 2014, 02:49:10 AM |
|
Hello everyone, I am new to bitcointalk but not new to the crytpo-currency scene. For a few months I've been trying to get this startup company (phone app) to go live but it's been costing way too much money and is a lot more complex thne I originally planned. I need a good app developer who knows what he's doing, at this point I'm willing to give half the company away for someone to help me go live. Now thats not the reason I am writing this post.
The reason I joined bitcointalk today was not to talk about the phone app but to spread some news I think you guys will find fascinating. I am self employeed and am working with a mortgage company out of NJ, helping them market their loan officers via the internet, ie; social media, free advertising, zillow, trulia, etc.... I have used wordpress to get some of the guys their own websites and they are happy with the work I am doing, bringing them leads.
Now here's the kicker, and no BS, I brought up the idea of accepting bitcoins as an option when applying for a motgage, whether it be a conventional loan, FHA loan, short sale, refinance, reverse mortgage, etc... Nobody in the meeting new what the hell I was talkng about except for one guy, who happens to be the Senior Home Loan Consultant and the top earner of this company. He brought me in his office and I explained a little bit of how it would work. Now with the rates being so low and the btc market being so volatile he was definitely intersted but hesitant.
Well after a 2 hour brainstorming session we finally concluded that this can be done! FHA and Conventional loans both allow "gifts" as part of their downpayment, 3.5 vs 5%. This is what makes it risky but possibly revolutionary. He said as a Loan Officer he will PROUDLY ACCEPT BITCOINS as partial or whole payments on mortgages. It opens up a whole new realm of possibilities. I beleive he would be the first lender to accept bitcoins as a down payment for a morgage. This can be great for first time home buyers who invested in bitcoins and can easily transfer them over, once approved of course. I would love to hear some feedback from the community, whether it is positive, negative or down right rude. I want to know if this idea is something I never should have brought up or if I am on to something.
My guy is a licensed loan officer who takes his job very seriously but knows there is a definite gamble with the market being so volatile but he sees this as a whole new group of people he can market to. Please feel free to email me or PM me your thoughts on this matter. As of Monday 4/21, he is adding the btc symbol on his website, facebook, linkedin accounts. I will teach him along the way how to cash out the funds and turn the btc into cash while hopefully this brings more attention to his site, the companies site, and ultimately my marketing job would flourish. But let not get ahead of ourselves here first off you still need good credit, proper paper work, approval, processor, underwritting and closing. It's the same thing as any mortgage loan but its the btc aspect that will be different. Again, I'd love to hear feedback from the community, good or bad. Thanks
-JG-
|
