What is it going to going to take to get people to start buying homes again? That is the question that I am asking everyone I come in contact with these days. The bailout plan is simply not getting the money to where it is needed most -- to the consumer. I have developed a special mortgage financing proposal that I would like your opinions on. It is not a bailout. It is a plan to get qualified buyers back into the market now. It is simple and straightforward. It is based on 3%, 5%, 10%, or 20% down. ABSOLUTELY NO 100% FINANCING OR CREATIVE WORKAROUNDS! This will give buyers an incentive!
3% down minimum credit score 650 28% debt/income ratio----30yrs 5 1/2% with full pmi
5% down credit score 651-700 28% debt/income ratio---30 yrs 5 1/4% with full pmi
10% down credit score 701-750 28% debt/income ratio---30 yrs 5% reduced pmi
20% down credit score 751 and above 28% debt/income ratio---30 yrs 4 3/4% no pmi
This rewards buyers and charges a realistic market based interest rate that is what THE CONSUMER is looking for. Now ---- will the lenders do the right thing! That is the question. Your comments and thoughts please. Lets get the dialogue going and get the lenders in line. It is our duty as Realtors to bring the market for homes back into balance. Nothing will change in our economy until the Real Estate market corrects itself. We propped up the economy after 9-11, and we can do it again! Lets get the Federal Government and the Lenders to do the right thing!
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