However, the maximum mortgage amount for a single-family home is $200,000. There are no closing costs, no loan fees, no required down payment, no minimum credit score, and no income requirement. "Many aspects of this 15-year mortgage option sound incredibly fantastic. For every one percent of the loan amount provided up-front by the buyer - or, for that matter, the seller - the interest rate is permanently lowered for the life of the loan by one-half of a percentage point for the life." Ruedy, The Home Loan Arranger According to the article, following are a few characteristics of the 15-year mortgage that is being offered by the Neighborhood Assistance Corporation of America (NACA) and Bank of America: "Although no down payment is required, home buyers can "buy down" the interest rate by providing cash up-front. Additionally, more borrowers will qualify for this loan because there is no minimum credit score required and no down payment required." - Jason M. It also allows home owners to quickly build equity. This one, which is being called the "Wealth Building Home Loan" is designed to help reduce foreclosures. "The 15-year mortgage that was introduced at the mortgage conference is different than traditional 15-year mortgages. An article published on on Septementitled, Innovative 15-Year Mortgage Aims to be More Affordable, states "a new breed of 15-year mortgage designed to be more affordable for low and middle-income homebuyers across the country was unveiled at a mortgage conference in Raleigh." Ruedy, also known as The Home Loan Arranger, believes that great strides are being taken to help make 15-year mortgage options more affordable to borrowers. Denver, Colorado (PRWEB) Septem- Jason M.
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