| Do great rates and great service fail to impress | | | | To give you an idea of what these 2008 loans |
| you? Well you are not alone. We are in a time | | | | are I would like to give some details on PITI |
| where you need to find out who can create value | | | | Abatement. |
| with their services and ideas. And what I mean by | | | | What is PITI Abatement? |
| value is, attracting customers. | | | | An incentive to the buyer to have the first 6 |
| Here are a few loans of value over the last few | | | | months of the mortgage paid by the seller. |
| years: | | | | PITI Abatement program is a product designed |
| - 100% purchase, non-owner, stated income, | | | | specifically for home-buyers. You can give a 6% |
| interest only | | | | Seller Contribution that can be used for Principle, |
| - 1% pay option ARM | | | | Interest , Taxes and Insurance payments. |
| - 100% cash out refinance | | | | What are the General Guidelines? |
| - 100% Jumbo Loans | | | | - Loan amounts up to $417,000 |
| There is great debate on whether these are good | | | | - Up to 100% of the purchase price |
| loans, but few can argue these loan did attract | | | | - Minimum score of 575 |
| customers for Realtors, Builders, and Mortgage | | | | - Fixed Rates and ARMs |
| Companies. | | | | - Interest Only is available |
| What are the next generation of loans to attract | | | | - Income limitations may apply |
| customers? The loans of 2008! | | | | - Closing costs can be paid by seller too |
| - 3-2-1 buy-down | | | | - No prepay penalty |
| - PITI Abatement | | | | - What is the Realtor marketing element? |
| - FHA/VA | | | | 6 MONTHS PAID! |
| - My Community | | | | BUY THIS HOME AND I WILL PAY YOUR FIRST |
| - Credit Repair | | | | 6 PAYMENTS |
| One might say that 2008 is the year of | | | | 6 MONTH PAID MORTGAGE INCENTIVE |
| government backed mortgages. All the loans high | | | | BUY MY HOME AND I PAY CLOSING COST AND |
| lighted above are directly tied to the government | | | | 6 PAYMENTS |
| through Fannie Mae, Freddie Mac or FHA/VA. | | | | Hopefully you can see how this type of loan can |
| Unfortunately the line is drawn right at $417,000. I | | | | help you move more homes. |
| hope they raise this number soon! | | | | |