Get 22% off Your Next Home! (seriously)
August 3rd, 2009
Categories:Real Estate News
iMortgage has recently released a new loan program for homebuyers. It allows homebuyers to get 22% of their loan for free and do 1% down. FHA, Conventional, VA or USDA it doesn’t matter, this program will work. However, like most good deals the opportunity might not last long!
The program has one small catch, but if you can find a way around it this is an excellent way jump into a home with very little down!
Here’s a quick summary:
- The buyer still needs to come up with 3% down, however 2% of that can be “gifted” from a family member (etc)
- The 22% from ADOH never has to be paid back if the buyer stays in the home for 5-15 years! (depending on the amount) and if they pay it back, its a zero interest loan!
- This applies to bank owned properties only
- The home must sell for 1% below market appraised value (the catch)
Here is what i have so far Read the rest of this entry »
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Big 3 – Loan Programs
July 8th, 2009
Categories:Home Buyer Education
In the world of lending there are countless factors involved in a securing a loan for a home purchase. Other articles will delve deeper into the intricacies involved with obtaining a loan. This article will give you an overview of the three main loan programs available. When you begin researching loan programs, be sure to contact a mortgage professional for more information and the latest market updates and changes.
FHA-Insured Loans
An FHA loan is a loan insured by the Federal Housing Administration. The FHA was created in 1934 to increase home construction and reduce unemployment through loan insurance, which essentially lowers the risk to the lenders creating the loan.
During tough real estate times, FHA loans step in the spotlight and become more important as they allow homeowners to Read the rest of this entry »
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