Affordable Mortgage
Loans
Foreclosure Group
offers services that assist homebuyers with
down payment assistance and
closing cost assistance, as well as
affordable mortgage
loans. For existing homeowners, we provide
refinancing,
home
improvement grants, and affordable loans based upon the
borrower's ability to repay.
"Are
You Ready To Own"
We offer a variety of
loan programs with exceptional rates. Now is the
time to take advantage of historically low rates and
depressed and priced to sell far below it real appraised
value to
purchase your dream home. You can also use our
services to free up much-needed cash for education,
home improvements, or unforseen circumstances.
You can always count on exceptional service from our
company. Give us a call today at 866-931-4202 and
see the difference!
Take the first
step towards the American Dream by completing our easy
Online Application. Click here to get started!
Applying online offers a convenient way of choosing a
mortgage, a chance to receive special discounts and many
other benefits.
We offer a variety of
loan programs with exceptional rates. Now is the
time to take advantage of historically low rates to
purchase your dream home. You can also use our
services to free up much-needed cash for education,
home improvements, or unforseen circumstances.
You can always count on exceptional service from our
company. Give us a call today at 866-931-4202 and
see the difference!
*Foreclosure Group board and staff do not gain personally
from individual mortgage transactions.
"Full Cycle Lending"
"Full Cycle Lending" Full Cycle Lending is a system of
borrowing as well as of lending.
We offer a friendly
approach that meets the needs of families of modest means
and helps
overcome the |obstacles clients may face in
achieving the dream of homeownership. It is a system that
enables lenders, businesses, government agencies and the
Foreclosure Group to work
together to provide homeownership
opportunities to families who may not qualify for
conventional mortgages.
 1.
Foreclosure Group Partnership-Building
Foreclosure Group makes a commitment to the process by
creating a partnership of residents, business and local
government leaders. A plan for targeted community
revitalization is put in place.
2. Prepurchase Homebuyer Education
The homebuyer learns about the purchase process with a
supportive organization that helps them clear up credit
problems, find a home they want to buy, and coordinate the
rehabilitation needs of the property.
3. Flexible Loan Products
Local lenders work with Foreclosure Group to create mortgage
products the customer can afford -- with features like lower
down payments and rehabilitation loans even when the total
cost exceeds the value of the home.
Property casualty insurance and mortgage insurance companies
provide products that allow for the high loan-to-value
ratios. The lender can hold the loans in portfolio or
package and sell them to Freddie Mac or Fannie Mae's
secondary markets. Neighborhood Housing Services of America
purchases special-needs first mortgages as well as second-
and third-mortgage rehabilitation loans. The secondary
markets return funds to the lender, who recycles them by
originating additional mortgages to the community.
4. Property Services
Foreclosure Group inspects the property, offers technical
assistance to the homebuyer and assists with the property's
rehabilitation.
5. Postpurchase Counseling
Foreclosure Group trains the new owners in home maintenance
and budgeting, and supplies early intervention delinquency
counseling so that defaults and foreclosures are avoided.
6. Neighborhood impact
Homeowners gain a stake in their communities; lenders reach
a significant market in which risk has been mitigated; the
tax base increases; and the nonprofit partnership is one
step closer to achieving its goal of neighborhood
self-sufficiency. Everyone benefits. |
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Ideal
for first-time buyers, these no
down-payment mortgages can help
reduce or eliminate nearly every
cost associated with obtaining a
home loan. These programs normally
combine two loans: An 80% first
mortgage, and a 20% second mortgage.
The interest rate is typically the
weighted average of the two loans.
Term: 30 years Maximum Amount:
$333,700
Conforming
Loans
Conforming long-term, fixed-rate and
adjustable loans that meet Fannie
Mae and Freddie Mac loan limits and
property and borrower guidelines.
Generally has higher loan limits
than FHA and VA.
Term: 30 years Maximum Amount:
$333,700
Imperfect
Credit Loans
Allows borrowers with
less-than-perfect credit to qualify
for competitive interest rates to
consolidate debt and lower payments
or make home improvements.
Term: 30 years Maximum Amount:
$333,700
No Income
Verification Loans
Ideal for the self-employed with
good credit, loans where borrowers
agree to put down 25 to 30% equity
in exchange for reduced
documentation requirements.
Term: 30 years Maximum Amount:
$333,700
Reverse
Annuity Mortgage
Allows borrowers to retain ownership
of their property and receive a
monthly check representing a portion
of the equity in the property. No
money is due until the property is
sold, the owner dies, or an agreed
upon date is reached.
Term: 30 years Maximum Amount:
$333,700
VA and FHA
Government insured/guaranteed
long-term, fixed-rate and adjustable
loans.
Term: 30 years Maximum Amount:
$333,700
Unless
otherwise indicated, these APR
calculations are based on the
following: Conforming loans (whose
maximum loan amount is below
$417,000 for the contiguous states,
District of Columbia, and Puerto
Rico or below $625,500 for Alaska,
Guam, Hawaii and the Virgin Islands)
are calculated based on a loan
amount of $333,700 with closing
costs of $6,674. Jumbo Loans (whose
maximum loan amount exceed $417,000
for the contiguous states, District
of Columbia, and Puerto Rico or
exceed $625,500 for Alaska, Guam,
Hawaii and the Virgin Islands) are
calculated based on a loan amount of
$1,000,000 with closing costs of
$20,000. Your actual APR may be
different depending upon these
factors. |
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