Charlotte Real Estate Firm has solution for declined mortgage applications
Buying a home? It’s not as easy as it used to be to get approved for a mortgage. With all the fraud that happened over the last few years, subprime lending has practically come to an end. It is also a common occurence for someone to get approved for a mortgage, only to be later declined at the last minute. This can be a very frustrating situation.Timothy Cline Realty, a boutique realty firm that specializes in Charlotte Real Estate seems to have an answer. Their broker in charge, Tim Leadbetter, has brought together a source of private funds for people in this situation. Mr Leadbetter calls the program “rent now, buy it later.” If you are declined for a mortgage for “borderline” reasons, Timothy Cline Realty can purchase the home you want and rent it to you. Your monthly rent is based on a .0085 factor of the purchase price. This factor produces what your mortgage payment, taxes, HOA, and insurance would be had you purchased the home on your own.
While you are renting the home, you are earning credit towards the purchase price. Within 1-2 years you will reapply for a home loan mortgage. The bank will see that you are applying for a mortgage on a home you have already been living in. The bank will also see that you have been making on time payments equal to or even more than what your new mortgage payment will be. If you have been paying $1700 a month and your new mortgage payment is only $1500, that is a big plus from the bank’s point of view. You have already proven you can make the payment, and are committed to living in that home.
Programs like this make a lot of sense, especially when the mortgage industry does not.
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[...] Lita Epstein wrote an interesting post today onHere’s a quick excerptIt’s not as easy as it used to be to get approved for a mortgage. With all the fraud that happened over the last few years, subprime lending has practically come to an end. It is also a common occurence for someone to get approved for a … [...]
[...] prolink wrote an interesting post today onHere’s a quick excerptTimothy Cline Realty, a boutique realty firm that specializes in Charlotte Real Estate seems to have an answer. Their broker in charge, Tim Leadbetter, has brought together a source of private funds for people in this situation. … [...]
[...] Charlotte Real Estate Firm has solution for declined <b>mortgage</b> <b>…<… [...]
there’s a lot of programs for teachers.
mycommunity from fannie mae..and homepossible from freddie mac..both are zero down, and are lenient towards teachers, police officers, firefighters, etc