October Real Estate Roundup: Great New Loan Programs
WHAT YOU'LL LEARN
Our new Achieve loans help lower-income Conventional buyers and have no MI
Our community lending initiatives help your under-served community clients
Buyer Boost DPA and Closing Cost Assistance is now available for USDA buyers
WHAT YOU'LL LEARN
Our new Achieve loans help lower-income Conventional buyers and have no MI
Our community lending initiatives help your under-served community clients
Buyer Boost DPA and Closing Cost Assistance is now available for USDA buyers
As Fall begins, we look forward to cooler weather and happy holidays with loved ones. While rates are still higher than we’d like, Atlantic Bay continues to offer your clients programs and benefits to make homeownership possible, and the loan process smooth. Take a look at the three new programs we’ve just launched!
Achieve No-MI Conventional Loan
As Atlantic Bay continues to grow homeownership opportunities for every community, we’re proud to offer our Achieve No-MI Conventional Loan. This program is a flexible, low down-payment program for low- to moderate-income Borrowers in designated geographic areas. One of its many benefits is that no mortgage insurance (MI) is required!
Other highlights include a down payment as low as 3%, a fixed rate, and gift funds/seconds are allowed as long as the buyer contributes 1%. Ask me for help with Achieve and its eligible counties across Florida, Maryland, New Jersey, Virginia, and Washinton, DC.
Atlantic Bay and Community Lending
Additionally, Atlantic Bay works to help make homebuying more available to all communities. Our latest program is based on property location and can offer great pricing. Other features include:
Primary residences only
No first-time homebuyer requirement unless the loan to value is over 95%.
No income limits
HomeReady loans allowed
One unit/Condos/PUDs, 3-4 units, attached/detached eligible
Atlantic Bay serves many of the areas where this program is eligible. If you have a buyer or property you think might qualify, just ask me!
Buyer Boost USDA Closing Cost Assistance
In May 2023, we launched our Buyer Boost FHA Down Payment Assistance (DPA) program, which provides a 10-year repayable second mortgage to help your buyers with the FHA’s required 3.5% down payment, as well as settlement costs and prepaids, up to the allowed 6% of the sales price. There are no income limits, and your client does not have to be a first-time homebuyer!
Now, we’ve expanded the Buyer Boost program to include USDA buyers! Although USDA loans come with no down payment, they still have closing costs, and Buyer Boost provides that same 10-year repayable second lien to help pay some, or all, settlement costs, also up to USDA’s allowed 6%.
Another benefit is Buyer Boost also now accepts blended credit scores for FHA and USDA buyers, which means instead of taking the lowest score between multiple borrowers, now we can average them for a higher score and better chance at qualifying. Ask me for more information on Buyer Boost.