June 17, 2016
‘Boon for First-Time Buyers’
By James D. York, P.A.
Future homebuyers who are considering their mortgage options may want to take advantage of a new program announced last week by Wells Fargo. The lender has partnered with Fannie Mae to develop a way to make home ownership more accessible, with low down-payments and lower out-of-pocket costs for residential loans.
The program, called yourFirst MortgageSM, offers a simplified lending process including down-payments as low as 3% to low-to-moderate income consumers with a qualifying 620 credit score. Buyers can complete a homebuyer education course to get an interest rate reduction of 12.5 basis points. Lenders will also consider additional criteria to boost credit, such as rent, utility bills, and tuition payments. Gifts or down-payment help programs are fine, and income of family members or renters who will live in the purchased home can be included in the debt-to-income calculations.
According to Brad Blackwell, Home Lending Executive VP for Wells Fargo, "There are a lot of conventional loan products with low down-payment options, but the criteria are so complex that it creates barriers for many qualified borrowers. With yourFirst Mortgage, we wanted to provide access to credit and simplify the experience while maintaining responsible lending practices."
Just give us a call with any questions about how this new program could work for you.
Connect With York Real Estate Group
York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $250 million in sales transactions. Visit The York Group online at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the Yorks invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.