Mortgages That Attract Homebuyers

Do great rates and great service fail to impress you? Well you are not alone. We are in a time where you need to find out who can create value with their services and ideas. And what I mean by value is, attracting customers.

Here are a few loans of value over the last few years:
• 100% purchase, non-owner, stated income, interest only
• 1% pay option ARM
• 100% cash out refinance
• 100% Jumbo Loans

There is great debate on whether these are good loans, but few can argue these loan did attract customers for Realtors, Builders, and Mortgage Companies.

What are the next generation of loans to attract customers? The loans of 2008!

• 3-2-1 buy-down


• PITI Abatement sub prime mortgages


• FHA/VA


• My Community


• Credit Repair

One might say that 2008 is the year of government backed mortgages. All the loans high lighted above are directly tied to the government through Fannie Mae, Freddie Mac or FHA/VA. Unfortunately the line is drawn right at 7,000. I hope they raise this number soon!

To give you an idea of what these 2008 loans are I would like to give some details on PITI Abatement.

What is PITI Abatement?

An incentive to the buyer to have the first 6 months of the mortgage paid by the seller.
PITI Abatement program is a product designed specifically for home-buyers. You can give a 6% Seller Contribution that can be used for Principle, Interest , Taxes and Insurance payments.

What are the General sub prime mortgages Guidelines?
• Loan amounts up to 7,000


• Up to 100% of the purchase price


• Minimum score of 575


• Fixed Rates and ARMs


• Interest Only is available


• Income limitations may apply


• Closing costs can be paid by seller too


• No prepay penalty


• What is the Realtor marketing element?

6 MONTHS PAID!

BUY THIS HOME AND I WILL PAY YOUR FIRST 6 PAYMENTS

6 MONTH PAID MORTGAGE INCENTIVE

BUY MY HOME AND I PAY CLOSING COST AND 6 PAYMENTS

Hopefully you can see how this type of loan can help you move more homes.

Troy Schuricht & Phillip Lechter
Home Mortgage and Construction Specialists
Community First Financial, LLC
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