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| REALTOR Frequently Asked Questions |
Untitled Document
| Frequently Asked Questions-REALTORS® |
| 1. How will MSHDA products help my customers? |
• Eligible buyers may receive homebuyer education.
• Lower-than-market interest rates.
• Eligible buyers can apply for down payment assistance.
• No worries about predatory lending using a MSHDA loan product from a Participating Lender.
• Rapid loan approval
• Lower rates translate to increased purchasing power |
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| 2. How does directing my clients to MSHDA loan products benefit me? |
• Grateful customers mean repeat business
• Build client database through referrals of satisfied customers
• MSHDA's lower rate loans CAN make a difference! The following examples show the difference using only a 1 percent variation:
Example 1:
• $800 principal and interest payment
• 6.5% = $126,569
• 5.5% = $140,897
What this does for you:
• Lower interest rate increases loan/sales price by $14,328
• Expands selection of homes for clients
• Increase commissions |
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| 3. How do I market MSHDA products? |
• Free MSHDA program brochures
• Easy access to MSHDA program specialist by phone to answer questions
• Open-house spec sheets provided upon request by MSHDA Participating Lenders in your area
• You can add a MSHDA statement to your 'for sale' yard signs indicating that the house qualifies for a low-rate MSHDA loan |
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| 4. How do I find a participating lender? |
| • Participating Lenders can be found on our website. |
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| 5. What are the eligibility requirements? |
• First-time homebuyer (no homeownership in previous 3 years) unless in a targeted area
• Household income must fall within income limits
• Sales price must fall within the sales price limits
• Buyer occupies home as principal residence
• Generally acceptable credit with no open collection or judgment accounts |
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| 6. What is a targeted area ? |
| Federally designated areas of slow economic growth where the first-time homebuyer requirement is waived. |
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| 7. What are eligible properties? |
• New or existing single-family homes
• New or existing multiple-section manufactured (mobile) homes permanently affixed to real estate. Existing manufactured homes must have been built after 6/14/1976.
• Condominiums |
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| 8. Where can my client find a MSHDA approved counselor for Homebuyer Education? |
| A LINKS to Homeownership counselor can be found on our website. |
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