We were just reminded of two programs we want to make sure you are aware of. Neither one of them is really new, per se, but we are not sure they are used much, and may help in the sell or purchase of a house.
One of the programs allows the seller to contribute up to 6% of the buyers monthly interest payments for up to six months. So the borrower would only have to pay principal, taxes and insurance with the bulk of their payment being paid by the seller due to the interest payments. This can really help the borrower immediately, can help the seller get the house sold by offering this and it can be recouped by the seller in the purchase price of the home.
The second program is similar, but will allow the seller to pay up to 6% of the borrowers PI payment (not just interest) for up to six months at 90% LTV. They can also go up to 97% LTV with the seller covering up to 3% of the borrowers PI payment for up to three months. Either way, just like above, there are benefits to both the seller and borrower.
Keep in mind also that this does not apply only in a situation where you are trying to sell your house. You can present an offer like this to a seller where the house may have been sitting for a while and they are motivated. Really any listed house will work. The key to any of this, as you well know, is educating all parties so they understand the net out can be the same. This is why working with a knowlegeable Realtor is key. Give us a call and we will refer you to one we trust.
We would be more than happy to discuss these programs in more detail. We are here to serve either way. Be blessed.
No comments:
Post a Comment