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are
you
ready
for
“It is much easier today for homebuyers to
explore all of the options available as they
go through the mortgage process.”
Grant programs are just what the
name implies: free money, no lien, no
strings attached. Matched-savings programs are another type of “free money”
program. Borrowers save their money
to purchase a home and the offering
agency “matches” the borrowers’ savings, sometimes by as much as a 3-to-1
ratio. Oftentimes this type of program
involves a lien on the property, which
is cleared after the matched amount is
forgiven over time.
Reduced-fee programs are typically
first mortgages that offer discounted
fees by any or all of the housing indus-
try professionals involved, including
the lender, Realtor, appraiser, home
inspector, etc. Similar to reduced-fee
programs, below-market-rate pro-
grams offer homes for sale at reduced
sales prices. Typically, these programs
include deed restrictions to ensure the
homes remain affordable in the future.
Employer-assisted programs are yet
another option designed to make
homes more affordable for targeted
homebuyers. They are not necessarily
designed for low- to moderate-income
first-time hombuyers, however, given
that the programs are offered by em-
ployers seeking to attract employees.
These recruiting offers will vary from
company to company.
Do the homework
It’s always a good idea to search local
programs whenever you have a homebuyer who is purchasing a property as
their primary residence. Whether they
are first-time or repeat homebuyers,
there may be a program that could
meet their low-downpayment needs.
Many homeownership-assistance
programs outlined in the DPR search
platform, for example, indicate that
borrowers do not have to be first-time homebuyers. The Department
of Housing and Urban Development
defines a first-time homebuyer as
someone who has not owned a home
in three years.
DPR and housing agencies nationwide are continually reviewing technology to enhance the homebuyers’
and mortgage professionals’ experience. It is far easier today for homebuyers, and the mortgage originators
assisting them, to explore all of the
options available as they move through
the mortgage process.
Along with the wide variety of
homeownership-assistance programs
that are available to homebuyers, the
government-sponsored enterprises
Fannie Mae and Freddie Mac also offer
affordable mortgage products. Among
them are Fannie Mae’s HomeReady
and Freddie Mac’s Home Possible loan
programs, which each require only a
3 percent downpayment.
■■■■■
It is important for mortgage originators
to become educated about the wide
range of home-financing programs
that exist in the market, including
homeownership-assistance programs,
so they can present the best mortgage
options available to their borrowers.
Low-downpayment options, in particular, are essential to unlocking the door
to homeownership for thousands of
young homebuyers. Education is the
key. Education is power. Educate yourselves. Educate your clients, and everyone wins. ■
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