Last week, I was thrilled to hear my favorite lender reduced the add-on to the My Community Mortgageprogram, making it more affordable then Freddie Mac's Home Possible program. This product is one of my most favored for the first time home buyer, after the Oregon Bond Loan.
This weekend, I ran a file through Fannie Mae DU and received an approve/eligible on a first time home buyer with a 537 middle credit score. Yes, the layer of risks was offset by the buyer putting 30% down on a purchase price of $150,000, including $15,000 from the City of Medford's Down Payment Assistance Loan a zero interest loan that the buyer will pay back when they refinance or sell.
Is the drying up of the sub-prime and stated income products going to prevent the first time home buyer from becoming a home owner? I think not. What it will prevent is buyers purchasing homes they cannot afford!
If you are a buyer who wants to become a homeowner, partner up with us and discover the Quality difference. Karen@Quality4Loans.com
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