Hi! My name is Jennifer Kladny and I work for First Metropolitan Mortgage along with my co-worker, Bobbi Ulisky. Both Bobbi and myself have extensive real estate backgrounds. We had our own real estate investing company for many years and have both taken classes to be real estate agents (although we are not licensed agents). We are both well familiar with options, lease options, subject to's and rehabs.
We currently concentrate our time on helping moderate income families become homeowners. This is all thanks to the loan program we are able to offer.
The loan program we endorse is a Rural Development loan backed by the USDA and funded through a nationally known bank. It is available on most properties in Pennsylvania and Virginia.
The loan amount is based on appraised value (vs. actual sales price) which allows the buyer to wrap their closing costs in with the loan. There is a 2% guarantee fee on top of the loan amount that is paid to Rural Development which eliminates mortgage insurance.
For example, FHA's mortgage insurance premium for the 97% financing program (3% down) is 1.5% at settlement and .5% yearly paid with your monthly mortgage payment. If a buyer borrowed $100,000, they would pay $1,500 at closing and $41.67/month ($500/year) until what they owed on the home was 80% of the value of the home. It could take years and years to pay it down this much.
There is nothing out there that beats this program. Rates are between 6.25-6.5% on a 30 year fixed mortgage (they do change daily). There is no minimum credit score to apply. Rural Development is looking for clean credit in the last 12 months with no bankruptcy or foreclosures in the past 3 years - unless there is a good explanation on the past credit problems (death in family, illness, etc). If your client has a 640 credit scores, it is an automatic approval.
We would be happy to discuss your options or your client's options. Please feel free to call me at 724-783-7180 or email me at jkladny@hotmail.com. Bobbi can be reached at 724-545-2258 or emailed at bulisky@hotmail.com. Thanks! JENNIFER
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