Self Check... How Much Can We Afford?
One lender offers the Homestretch Program: the FHA Home Stretch. In fact GMAC is the only Lender that has this program. The FHA Home Stretch offers people with no savings and lower income the opportunity to get into a home. They do a First Deed of Trust under the FHA program. The rate is .875% more than the market rate and there is an additional closing cost fee of $500.00. GMAC does a soft second for 4% of the original loan amount. This is applied towards the down payment and closing costs. There is no monthly payment. However should the first Deed of Trust be paid off within the first 10 years they are required to pay back a prorated amount of the 2nd Deed of Trust. The lender gets the 4% of the loan amount back by charging a higher interest rate on the first. The only time you pay back any portion of the 4% is if you pay off the first within the first 10 years. If you think this might be a good loan program for you, give us a call and we'll help you contact this lender.
What guidelines help you qualify for a loan?
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The interest rates and payments are estimates and are not guaranteed until you submit an application and the interest rate is officially underwritten by a mortgage company. Also, Payment calculators do not include Private Mortgage Insurance. PMI could be required by some Mortgage Companies based upon the mortgage amount requested. Also check out the links page of this website for other helpful info; go to first boxed item for more mortgage info and other "helps" |
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