“There is a way to support the recovery of the real estate market and general economy, while at the same time, maintain high loan quality – and yet do so without Federal assistance, higher taxes or any additional burden on the national budget”
Phoneix, AZ (PRWEB) September 20, 2010
“There is a way to support the recovery of the real estate market and general economy, while at the same time maintain high loan quality – and yet do so without Federal assistance, higher taxes or any additional burden on the national budget” states Mr. Brian P. Rogerson, a leading mortgage banker, from The Lending Company, Inc. (TLC) based in Phoenix, Arizona. Mr. Rogerson announces the multi-state launch of America’s Home Buyer Solution Gift Program. Created and market tested over the last year, this unique program is the most revolutionary loan program seen in years, says Mr. Rogerson.
The Federal Housing Administration (FHA) plays the most important role in the recovery of the housing market. Most first-time home buyers rely on FHA loans to purchase a home. It is estimated that up to 40% of potential buyers say that the down payment is the primary reason keeping them out of the purchase market. That was the obvious need that had to be addressed.
Adhering to the strict underwriting guidelines and policies of FHA, The Lending Company, Inc. has originated over $40,000,000 in this special down payment gift program in Arizona over the past year and is now offering this program in 14 additional states where they are currently licensed. The home buyer can purchase a home utilizing FHA financing with the standard 3 ½ percent down payment and TLC in-turn secures a forgivable gift from qualified 501(c)(3) non-profit for up to 2 ½ percent, resulting in the new home buyer needing only 1% down payment. The gift from the non-profit organization(s) is not a loan and the borrower is never required to pay it back. What is even more exciting about this America’s Home Buyer Solution Gift Program is that FHA even allows that remaining 1% down payment from the borrower to be gifted from a family member or employer, making it possible for many potential home buyers to purchase a home with nothing down.
Mr. Rogerson emphasizes that these loans are fully FHA insured and the quality of these loans have proven excellent and in fact have performed well above the national average for other FHA loan programs. The down payment remains the minimum 3 ½% that FHA underwriting requires. FHA allows for a gift for 100% of the down payment and closing costs and yet, few borrowers have the family resources for a gift that large. Now, they can obtain the gift from the non-profit and still get a smaller gift from family if they need.
“There are many concerns with current lending challenges, including limited liquidity, appraisal concerns, and the tightening of approval guidelines. The pendulum had swung way to far to one side with all the no-qualification loan products a few years back. In reaction to the fallout of those loans, the same pendulum appears to have swung way too far to the opposite side, making the qualification for borrowers too restrictive. HUD and the secondary markets will hopefully make continued adjustments to help home buyers and in so have that pendulum settle somewhere in the middle. It is there that we will see a sustained recovery resulting in stable housing values,” says Brian. He and The Lending Company have taken steps to find a way to bridge the gap and make the dream of home-ownership a reality for many families that would have otherwise given up.
Brian Rogerson and The Lending Company, Inc. are a provider of some of the lowest mortgage rates; are an industry-leading direct mortgage lender/banker funding $445 million in mortgage loans in 2009 and is currently licensed in 15 states and still growing. TLC offers a variety of products and programs including fixed-rate loans, adjustable rate mortgage loans (ARMs), jumbo loans, FHA and VA mortgages and more. For more information about Brian Rogerson and The Lending Company, visit our site tlcapproved.com or call 480-621-4337 and speak with Brian personally.