Did you know that there is a proposal before regulators to require a minimum of 20 percent down on all residential transactions? If allowed to take effect, these proposed regulations governing Qualified Residential Mortgages (QRM) would put home ownership out of reach for middle-income Americans.
According to research done by the National Association of REALTORS® (NAR), 60% of recent home buyers made less than a 20% down payment, and it would take 14 years for a typical person to save up a 20% down payment to buy a median-priced home.
We just don’t need more hurdles. Please contact your Congressmen TODAY and ask them to make it clear to the regulators that this proposed regulation was not their legislative intent and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.
Freddy Mac has just introduced as part of the Freddie Mac First Look Initiative.
DURATION OF OFFER: May 16, 2011 – July 31, 2011 with escrow closed on or before September 30, 2011.
The First Look Initiative allows buyers who intend to occupy the home as their primary residence “first dibs” on REO properties for 15 days without competition from investors. Buyers don’t have to be first time homebuyers.
For buyers, they benefit too! Freddie Mac is offering buyers 3.5% towards closing costs AND a 2-year Home Warranty along with discounts on appliances of 30%. This is an excellent deal for all home buyers!
Contact Brian Doreste TODAY at 302-753-6398 or via the contact page on this website for further info on this great program!
NextRE has just received word from our lending partner, PrimeLending, that FHA loans with FICO scores between 600-619 are now available!
For further information, please use the contact form at the bottom of this page and we will get back to you as soon as possible!
In a continuing effort to “expand PrimeLending’s playbook” a new variance for FHA loans with FICOs 600-619 is now available!
Primary Home (NOCB allowed)
Single Family Residences Only
Max Ratios– 31/43%
All installment loans under 10 months included in DTI
All deferred student loans must be included in DTI
No Declining Income
Max Seller Contribution – 3%
No lates on housing payment in last 12 months
2 months reserves (from Borrower’s savings or checking – not retirement)
High Balance not allowed
Bond/DPA programs not allowed
Borrower’s that abuse credit may not be eligible at UW discretion
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