The "Worry Free Mortgage" sounds pretty good, but can there really be such a thing?
Well, I'll let you decide, and remember nothing's perfect, so be nice.
What makes it "worry free" you may ask?
Good Question!
It's basically a first time homebuyers program, but remember in the mortgage business we're kinda funny as what we consider a "first time homebuyer." And since it's most often offered in conjunction with FHA financing we can say that pretty much any one who qualifies for an FHA loan will qualify for the program with a few exceptions. Also FHA is not the only program that it is compatable with just the most likely.
Alright let's get to the point, what's so good about it.
Well, the buyer of a property acquiring an FHA loan will have the ability to receive both pre and post closing counseling. That's right post closing counseling is included and it does not have to be initiated by the new homeowner. Actually for the first 6 months they will be contacted by the Rainy Day Foundation, a non profit organization, who will help them address any issues in regards to their new home and rework their budjet, if necessary, which was established prior to the closing. They will also answer any questions which the homeowner has, if possible.
Okay, that's pretty good, anything else?
Actually, yes, there's a 2 year job loss insurance policy which can make up to 6 months of payments (up to $1800 a month) should the homeowner become involuntarily unemployed. I have to believe, and I think most would agree, that one of the issues of concern to those thinking about buying today is job security. This should help, don't you think?
Anything else?
Yes the homeowner may qualify for emergency assistance in the event of unseen or catastrophic events. There is an emergency pool of funds which is availble to qualified homebuyers.
There is more, but this is the basic program.
Alright, I know some of you are busy thinking of situations which aren't covered or how to improve the program, but as it sits, this isn't bad at all.
The idea is that we can help create educated and responsible homeownership, and to say the least the program is proactive.
My personal feelings are;
I LIKE IT!
Comments(2)