Breaking News!
FHA to ban lenders from charging extra interest payments on mortgages! Home owners have had to pay interest on their mortgages after they have been paid off for the last decade! Well no more!
A pilot program is helping low income borrowers get a 15 year home loan! Ed Pinto at American Enterprise Institute has teamed up with Bruce Marks who leads Neighborhood Assistance Corp. of America has come up with a viable mortgage for low to moderate income borrowers to build wealth by buying a home. Since the loan is a 15 year then it is more likely to hold value. The payoff and equity build faster, with a crazy low interest rate of 1- 2%! This program calls for a max debt to income ratio of 41%. This pilot program is initially offered nationwide through 37 NACA offices.
https://www.naca.com/
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