Wednesday June 16, 2021 by Mid America Mortgage, Inc.
June is National Homeownership Month, but consumers seem not to have gotten the memo. According to Fannie Mae’s most recent survey, 56% of consumers think right now is a bad time to buy a home. With competition and home prices continuing to rise over the last few months, it’s easy to understand how consumers can feel discouraged, especially as some buyers are being priced out of their local areas.
While the mortgage industry has no control over home prices, Mid America is here to help homebuyers increase their confidence in wading into today’s market. We have extensive options for home buyers and lenders. In honor of National Homeownership Month, let’s review a few of Mid America’s available programs:
Down Payment Assistance Program
Borrowers can maximize their buying power and extend more competitive offers with Mid America Mortgage’s proprietary down payment assistance program for both conventional government-issue loans, with no income restrictions for government-issued loans. Home buyers can borrow up to 6% of the loan amount to cover the down payment and/or closing costs as a second mortgage with no interest or payments and is forgivable after 5 years.
Close on Time Guarantee
Another product designed to strengthen a borrowers offer is Mid America’s Close on Time Guarantee for pre-approved borrowers, which pays the seller up to $3K or 1% of the loan amount if the loan doesn’t close, Mid America has equipped its LOs with the competitive programs and pricing they need to succeed in today’s market. If the borrower is in Texas and decides to use Mid America’s partner Click n’ Close Title, Mid America will match the amount up to $6,000 or 2% of the loan.
Mid America’s Native American lending division 1st Tribal Lending is also available to help historically underserved markets of American Indian and Alaska Native Families, Alaska Villages, Tribes, or Tribally Designated Housing Entities by increasing access to capital for Native Americans and providing private funding opportunities for tribal housing agencies. Under the Section 184 Indian Home Loan Guarantee Program, loans can be used on and off native lands for new construction, rehabilitation, purchase of an existing home or to refinance an existing.
Although the challenges of buying a home seem steep right now, we don’t let borrowers forget they have options. Mid America Mortgage has been a trusted source for lenders and buyers for over 60 years. If you’re interested in learning more, contact us today!Questions? Contact Mid America Mortgage, Inc. Today!
Mid America Mortgage Inc. is excited to announce that our Servicing Division goes live November 4, 2019. On this date, our employees will be begin servicing our retained loans with a new, efficient system. For more information, please read this.
If you have any questions, please reach Mid America Mortgage Inc. by calling: (888) 845-6535 or emailing firstname.lastname@example.org. The customer service hotline is open Monday through Friday 8:00 am – 6:00 pm CST and Saturday 8:00 am – 12:00 pm CST.
If you are a 1st Tribal Lending or 184 customer, please click here to access your account.Go To Account Connect