The Loan for 2008 - Whether you’re a Homebuyer or Seller

Today I would like to give you some details on the PITI Abatement loan program. This loan may be what you've been waiting for if you have a home listed or are looking to buy in todays market.

What is PITI Abatement?

An incentive to the buyer to have up to the first 6 months of the mortgage paid by the seller.
PITI Abatement program is a product designed specifically for home-buyers. You can give a 6% Seller Contribution that can be used for Principle, Interest , Taxes and Insurance payments.
The seller can still contribute to closing costs.

What are the General Guidelines?

Loan amounts up to $417,000
Up to 100% of the purchase price
Minimum score of 575
Fixed Rates and ARMs
Interest Only is available
Income limitations may apply
Closing costs can be paid by seller too
No prepay penalty
How will this help sell your home?

Instead of dropping your listing price by $20K after a home is on the market you can offer PITI Abatement to potential buyers.
6 months without a mortgage payment for homebuyer means a lot, this allows them to buy the things they need when outfitting a new home. For example, on a $250,000 home the PITI payment will be around $1,900 mth. The seller contributes $11,400 through escrow and in turn the buyer saves that amount in their first six months payments.

What is the Realtor marketing element?

6 MONTHS PAID!
BUY THIS HOME AND I WILL PAY YOUR FIRST 6 PAYMENTS
6 MONTH PAID MORTGAGE INCENTIVE
BUY MY HOME AND I PAY CLOSING COST AND 6 PAYMENTS

Realtors are using this program to move homes, it has to be marketed right and presented to the seller correctly. This is a powerfull tool!

For more details contact me,

Nick Porter

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

www.lawenforcement1st.com

Police Officers and Documenting Second Job Income.

When a Police Officer is getting ready to qualify for a mortgage, the first decision they will face is how to document their income. A few things come into play here including whether they are currently picking up off duty shifts to supplement their income. More often than not the are working numerous shifts off duty at events, malls, department stores, ect. In this post I will be addressing the stipulations behind using 2nd job income.

For Police Officers wanting to fully document their income, the mortgage company uses the Officers income from their primary job in the form of a W2 and most recent paystub. For the off duty work, the Police Officer must have a 2 year history of off duty income and then that income is averaged over those two years. This is the only time off duty income can be used.

Documentation Options

-Full Documentation: There are several ways to do this. First is using 1 or 2 yrs W2's. Second is using business or personal bank statements along with an asset statement.

-No Income Documentation: The Officer can state their income and prove assets or state income and state the assets.

Police Officers are busy, time is limited and a valuable resource. When it comes down to it, the time vs. reward of digging up financials may not be worth it. Lenders now offer Stated income loans at the same rate as full documentation loans.

Nick Porter

541-231-3040 Cell

480-305-8900 Ext: 302

nick@cffinfo.com

www.LawEnforcement1st.com

Home Loan Programs for Law Enforcement and Support Staff.

Community First Financial is proud to announce their new Home Loan Program for Law Enforcement. The program is an educational and marketing tool for Realtors to network and market individuals in the Law Enforcement Industry. Former Rich Dad (http://www.richdad.com/) executive, Phillip Lechter, comibines his working knowledge of real estate and education in to one program for Law Enforcement Employees.




What educational tools are available?

· Our Unique presentation of the home buying process

· Law Enforcement home buying tool kit

· Free home buying seminars

· Rich Dad's Real Estate Advantages Book, by Sharon Lechter and Garrett Sutton - Free with Application

How is this loan different?

· Only for qualified Law Enforcement and families

· Credit repair specialist available

· Community partnership for real estate discounts

"1% Rebate on Purchases"

How does this loan program help?

· Educates you on why buying a home is important

· Helps you choose the loan that is best suited for you today and the future

· Continued education on building wealth with real estate




Nick Porter

480-305-8900 ext:302

541-231-3040 Cell

nick@cffinfo.com

www.LawEnforcement1st.com