RISMEDIA, August 9, 2007–Two mortgage products available through Weichert Financial Services are making it easier for median- and low-income buyers with little or no down payment to purchase a home in today’s real estate market, the company announced yesterday.
Home Possible®, a Freddie Mac product, and MyCommunityMortgageT, a Fannie Mae affordable loan product, both provide up to 100-percent financing and offer flexible credit terms, lower private mortgage insurance costs, and other borrower-friendly advantages. Quick credit decisions are the norm.
Stephen Adamo, president of Weichert Financial Services, said, “These are excellent products that are accomplishing what they were designed for, which is to open up homeownership to more people. We’re proud to offer them and strongly encourage interested consumers to find out if they are eligible.”
Adamo said that, with certain restrictions and qualifications, these special mortgage products are available to first-time buyers as well as to homeowners seeking either to purchase their next home or refinance. Military families are encouraged to apply.
The types of mortgage loans available through the Freddie Mac and Fannie Mae products literally run the gamut. Fixed-rate mortgages with terms that affordably stretch out payments for as long as 40 years are offered, as are adjustable rate mortgages or ARMs. Importantly, because mortgages available through these products are considered “grade A” loans, they carry attractive interest rates.
While private mortgage insurance typically is required by lenders whenever less than 20 percent is put down, the mortgage insurance required under these products carries a reduced rate. Therefore, the monthly payments are lower than they would be with standard private mortgage insurance costs.
The Home Possible and MyCommunityMortgage products also offer greater flexibility in terms of securing the cash needed for closing costs. Buyers’ closing costs may be funded using a variety of sources, such as a gift or unsecured loan from a relative, a second mortgage, a grant from a local housing agency, or a contribution from the seller (within certain limits).
These two mortgage products are for moderate- and low-income buyers who are purchasing a single-family home or a condominium as their primary residence. Owner-occupied, multi-family residences with up to four units may also qualify, provided that the property will be the buyer’s primary home. Qualifying income levels vary by county, but typically would not exceed the county’s median income as defined by the Department of Housing and Urban Development (HUD).
“Mortgage financing is the very underpinning of the American dream of homeownership. Providing realistic financing options to median- and low-income buyers through affordable products like these reflects our firm commitment to responsible and responsive lending,” said Adamo.
Adamo added that Weichert Financial Services’ more than 300 mortgage products include other low and no-down payment mortgage options in addition to those available through the Fannie Mae and Freddie Mac products.
An affiliate of Weichert, Realtors®, Weichert Financial Services is one of the “Top 50” lenders in the U.S., according to “Inside Mortgage Finance,” based upon sales to Fannie Mae and Freddie Mac in the first quarter of 2007.
More information and eligibility requirements for Home Possible and MyCommunityMortgage are available by talking to a Weichert Financial Services Gold Services Manager. Any Weichert, Realtors sales associate can arrange an appointment.
For more information, call Weichert’s customer service center at 1-800-USA-SOLD or visit Weichert’s Web site, www.weichert.com.