June Real Estate Roundup: New Loan Products for National Homeownership Month
WHAT YOU'LL LEARN
How some new purchase products can really help new and first-time buyers
Why bank statement loans can work great for self-employed buyers
How a bridge loan helps clients who are selling, but not buying yet.
WHAT YOU'LL LEARN
How some new purchase products can really help new and first-time buyers
Why bank statement loans can work great for self-employed buyers
How a bridge loan helps clients who are selling, but not buying yet.
June is National Homeownership Month, an opportunity to celebrate all the benefits of homeownership, and to make that dream possible for new homebuyers.
To help, I’ve got a rundown of some new and existing loan products to help you attract more clients and create the opportunity for them to become homeowners.
New Grant Options
As you know, the down payment is a common hurdle for many homebuyers. Atlantic Bay has two new grant programs that can make a big difference for the right clients.
Similar to Fannie Mae and Freddie Mac’s HomeReady and Home Possible Conventional programs for new homebuyers, Atlantic Bay has partnered with an investor to offer the One Plus product, requiring only 3% down. Your client puts down 1%, and we cover the other 2% in a forgivable grant! One Plus is for eligible first-time and repeat homebuyers who make 80% or less of the area median income (AMI) for the property’s location. It’s for Conventional purchase of primary residence only, with a maximum loan amount of $350,000, and minimum loan-to-value of 95%.
With the same partner, we now also offer the Purchase Plus forgivable grant program. Your first-time buyers can get up to $5,250 toward their down payment and closing costs, and there are no income restrictions. The program can also be combined with other acceptable sources of funds. Note that at least one client:
Must live in one of 21 eligible markets at the time of application (no restrictions on where the client can buy)
Must be a first-time homebuyer
Of course, we have our wide range of existing Conventional products for your buyers, as well as FHA, VA, and USDA loans, along with down payment and closing cost assistance programs like Buyer Boost – ask me for details!
Bank Statement Loans
In today’s “gig” economy, more and more homebuyers are self-employed and small business owners. Bank statement loans are a great alternative way to help these clients finance a home. They use your clients’ personal or business bank statements to assess earnings, versus tax returns. Our products can work for 1-4 unit properties, both primary and vacation residences.
Bridge Loans
If your client is already a homeowner and is looking to buy a new property before they sell their current one, our new “bridge” loan option can help. It’s a six-month loan that provides temporary cash-out financing based on the equity of the home they’re selling, when they’re unable to qualify with payments for both properties.
For Clients with Lower Credit
For your buyers with lower credit scores, Atlantic Bay now has expanded financing options for government loans - FHA, VA, and USDA. Available to eligible borrowers whose scores range from 580 to 639, these programs offer the benefits of government loan programs with more flexible criteria for the opportunity to achieve homeownership.
I’d love to talk to you about these programs and other ways I can help you clients. Reach out today!