Special offer

Newest Trend in $$ - Peer to Peer

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

Perhaps you've heard of Sir. Richard Branson's most recent venture, Virgin Money.  It's a concept my grandfather employed in the 1960' and 1970's when he owner financed homes that he owned for employees.  Virgin says:

"A Family Mortgage is a private loan from someone you know that is typically used toward the purchase of a home, or to refinance an existing bank mortgage. Imagine: Aunt Sarah as your mortgage lender!"

There's another Social Lending Company that might offer help for folks who are trying to scrape up the cash for a purchase, or need help getting on with life via a short sale.  Zopa, says it's "FaceBook meets Lending."  It's a new concept that would, for instance, allow me to help pay for my nephew's college tuition, $20.00 a month.  If I sign up for $20 a month, and my folks agree to $20.00 and another aunt and uncle agree... well, pretty soon that student loan payment is almost nothing.  These unsecured loans are for $25,000 or less, and you must have a 640 credit score.

At this time, we do not have lenders who will accept this as downpayment... but I think it could be the new answer to DownPayment Assistance! 

If you have questions about prequalifying for a home in Wake or Johnston County, call Steve and Eleanor Thorne, Mortgage Lenders 919-649-5058.

Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Hmmmmmm, definitely worth discussion. I hadn't heard of them. Well, why not?

Sep 11, 2008 03:37 AM
Joe Adams
Major Mortgage USA/Branch Manager - Montrose, CO

Interesting, so all the friends and family each kick up 100 bucks and soon we have 3.5% for down payment

Sep 11, 2008 03:43 AM
Eleanor Thorne
Equity Resources - Cary, NC
Advantage Lending 919-649-5058

How do we get this run up the flagpole at FHA???  It could be the answer... not that many people have $2000 or $3000 to help with a downpayment - but that doesn't mean they don't want to help.  It's an "old" lending form that is making more and more sense in today's economy!

Sep 11, 2008 03:45 AM
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Thanks for the call today I'll check this out and see if I can find a use for it thanks

Sep 11, 2008 02:11 PM
Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

Eleanor, Nice to see that people are thinking out of the box.  This is why we are the great nation that we are! We think of good ways to keep this ecomony moving and growing!

It's a Good Life!

Fran

Sep 12, 2008 05:57 AM
Brian Foxworth SC, GA, FL, & TN Mortgage Loans
Palmetto South Mortgage - Columbia, SC

That does open up some possibilities...

Sep 19, 2008 03:04 AM
Ron Withers ----Retired Mortgage Professional
Kissimmee, FL

Definitely a good example of outside the box thinking!

Jan 25, 2009 06:20 AM