Helping first-time homebuyers pays off
One of the most intriguing aspects of Barta’s business strategy is his focus on a specific niche within the mortgage industry.
“We really do work with those first-time homebuyers, guys that don’t have big down payments,” he explained. “We do a lot of FHA loans. So, we really kind of specialize on that side. We do jumbo, we’ll do the non-QM stuff, but really our bread and butter, 70% of our business is really in government lending.”
While he is aware of the difficulties that first-time homebuyers face, especially in today’s market, Barta sees these challenges as opportunities.
“It is difficult. What we’re finding right now is people just can’t save money,” he said. “It’s difficult for especially young people to save money, even if they make OK money. But this market has given us a little bit of an advantage. Sellers are a little more willing to negotiate. They’ll pay some of the closing costs sometimes, and with some of the down payment assistance programs, we’re able to get people into homes for far less.”
In some cases, Barta’s team has been able to help buyers get into a home with as little as 1% down, a far cry from the 20% that might otherwise be required.
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