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
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