Hello. My name is Erik Martin and I am a writer with The Mortgage Reports website (www.themortgagereports.com). I’m looking to interview mortgage/lending professionals, financial industry experts, real estate agents, and other housing experts for the following story:
LOW DOWN PAYMENT MORTGAGE PROGRAMS DEMYSTIFIED: programs like Fannie Mae’s HomeReady, Freddie Mac’s Home Possible Advantage and MGIC Go! allow borrowers with credit scores of 620 or higher to purchase a home with as little as a 3% down payment, and 100% of that can be from gifted funds. But many prospective borrowers have misconceptions about what is required and how they qualify – for example, many think there is no way to get around the 20% minimum down payment rule required by many lenders. This article would clear up major misconceptions and highlight the benefits of each of these 3% down payment programs. Below is a list of questions I’m seeking answers to. I can either conduct a phone or email interview (with the latter, please email me back full-sentence written responses that I can use as quotes). My deadline is noon central time, Wednesday, March 16.
QUESTIONS:1. What are the major low down payment mortgage programs available today for borrowers who qualify (e.g., HomeReady, Home Possible Advantage, MGIC Go!, etc.)? (I will only highlight up to 5 programs, so don’t list more than 5).2. Please detail the major differences, eligibility criteria, and pros/cons of each of these programs, and indicate which types of borrowers make the best candidates for each.3. What are some of the major misconceptions prospective borrowers have about what is required and how they qualify for these low down payment programs that readers should be aware of? Why do these misconceptions persist?4. Why/how do these low down payment programs represent a great value/opportunity for borrowers who qualify, and should there be any sense of urgency to apply (e.g., perhaps a program is due to expire soon)?5. For those who don’t qualify for these programs, what do lenders typically require as a minimum down payment today (20%?) and why? When/why will they have to pay PMI?6. Any other thoughts, tips or suggestions on this topic?7. What is your full name, title, company, city/state location, and email address?
Keywords
mortgage/lending professionals, financial industry experts, real estate agents
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