Buyers' Bonus Mortgage Program - No Principal or Interest for 6 months!

I wanted to share something with you today.  It's a program that you might have heard of before.  I hadn't made it a priority recently, as many of the lenders I recall offering it had suspended it, but one of our biggest lenders has recently reinitiated the Buyers' Bonus mortgage program. 

This program allows builders of new homes to make principal and interest payments for buyers for up to 6 months after the initial purchase.  Buyers will still be responsible for payments of taxes and insurance escrows, but this program could easily reduce their initial monthly payments by as much as 80%.  The program is available on most conventional loans, including:

• 30-year fixed
• 100% financing
• Stated Income / Stated Asset documentation
• 5/1, 7/1, 10/1 ARMs
• 15, 20, 25 and 40-year Fixed

This can be a great tool to help first-time homebuyers ease into full mortgage payments.  Unlike other similar products I had seen in the past, this program offers one additional option that may help a number of new homeowners this year: it can be used on resale property.  This is huge!  How many Realtors could use this to help their clients' homes stand out? 

If you're interested in offering this on a property, please check if your mortgage advisor offers this program.  If not, I can make this happen for you on properties in RI, MA, CT, or NH.  Please contact me if you have any questions.