DID YOU KNOW YOUR SELLER CAN HELP YOU REDUCE YOUR RATE?
WHAT IS HOME POSSIBLE?
- 100% LTV PROGRAM
- LOW TO MODERATE INCOME HOUSEHOLDS OR BORROWERS BUYING IN UNDERSERVED AREAS
- REDUCED MI RATES (Example -- Traditional MI 100% is .96; Home Possible MI is .59)
- AUTOMATED UNDERWRITING EASIER APPROVAL PROCESS
- LOW CREDIT SCORES ELIGIBLE BELIEVE IT OR NOT AS LOW AS 575
- GREAT FINANCING AND MARKETING OPPORTUNITY FOR:
First Time Home Buyers
Low to Moderate Income Households (Los Angeles County is $86,380!!!!)
Military Personnel
Teachers
Firefighter
Law Enforcement
- LOW RESERVE REQUIREMENT (NO RESERVES REQUIRED IN MOST CASES)
WHY IT WORKS:
- 6% SELLER CREDIT ALLOWED SELLER CAN CONTRIBUTE TO BUYDOWN COST
- LOWER YOUR QUALIFYING RATE BORROWER CAN IMPROVE THEIR DTI RATIOS AND QUALIFY EASIER FULL DOC
- HELPS BORROWER TRANSITION TO HOUSING PAYMENT WITH THE SECURITY OF NO NEG AND FIXED 30 YEAR RATE
- OFFERS LOWEST INTRODUCTARY RATE ON MARKET.
TAKE FOR EXAMPLE THE FOLLOWING RATE:
YOUR 30 YEAR FIXED RATE IS 6.125%
1st YEARS MORTGAGE RATE IS 4.125%
2ND YEARS MORTGAGE RATE IS 5.125%
3RD YEAR 30TH YEAR MORTGAGE RATE IS 6.125%
HOW IT WORKS:
- 2% RATE REDUCTION FIRST YEAR
- 1% RATE REDUCTION SECOND YEAR
- UPFRONT FEE OF 2.625 REMEMBER SELLER CREDIT CAN PAY COST
- ELIGIBLE PRODUCTS: 30 YEAR FIXED RATE, 7/1 ARM, 10/1 ARM
- QUALIFYING RATES:
LTV > 95% = NOTE RATE 1%
LTV < 95% = NOTE RATE 2%
For more information on the Home Possible Program, please contact me via one of the following options...
ricardo@ricardobueno.com
(323) 810-2175
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