FHA Single Unit or Spot Approvals continue to enable us to get financing for non-warrantable condos.
Our condo team just got another single-unit condo approval in a complex that was not “warrantable” (eligible for Fannie/Freddie financing) or FHA-approved.
These spot approvals have proven particularly effective for complexes with “balcony issues” (like we see in CA and FL often). Our most recent project was covered in scaffolding, in fact, and it still got approved!
JVM’s Free (Lender-Paid) 2-1 Buydowns – For Loan Amounts up to $806,500
Here are two indisputable facts: (1) Low rates sell homes; and (2) Sellers don’t like to pay for 2-1 buydowns.
Here’s another fact: One of our most popular marketing efforts in recent years involved our free 2-1 buydown promotion for loan amounts up to $350,000.
In light of that, JVM is now offering FREE 2-1 lender-paid buydowns for any conforming loan up to $806,500.
Unlike the previous free 2-1 buydowns we offered (for loans up to $350,000), our new FREE 2-1 has NO INCOME LIMITS.
The only limits it does have are a minimum of 3% down and a 620 credit score.
As a reminder, a 2-1 buydown lowers a buyer’s rate by a full 2% in the first year of the mortgage and by 1% in the 2nd year.
This program allows us to easily offer first-time homebuyers starting rates in the low 5% range.
Please let us know if you’d like more information, or if you’d like to promote this offer with one of your listings. As a reminder, you can request free co-branded materials and finance flyers here.
