I heard this ad on a Baltimore radio station this morning.  They wouldn’t give the company’s name, only a phone number to call for “today’s rate..” if you are currently in an ARM and want to get a fixed rate.   Choice Finance® is a local Maryland company and will be happy to disccuss your FHA options and any others you qualify for.
fha rates

Below is a scenario Choice Finance® is able to offer home buyers.  The rate is real and is based on today’s rate.  If your scores are in the low 600’s and higher, you are not wasting your time to seek approval.  Even high 500’s are sometimes acceptable.  We do not require excellent credit.  To see if you are eligible and qualify, complete a detailed loan application.

We will have an answer for you within 1 business day.  *Use Choice Finance® AND Choice Real Estate® (choicerealestate.net), and your interest rate will be reduced .25%.  That’s 6.25% in this scenario.

Real Estate Agents, grab your buyers and grab your listings that are sitting un-sold..  We will show you how to get your buyers into these homes.  Talk with us about offering a rebate to your clients to reduce the interest rate by .25%.

Sellers, how would you like to offer this scenario to your potential buyers and help get your home SOLD?

Sales price                               $359,999
Closing costs needed              $0
$ needed at settlement          $0

30 year fixed rate                 6.50%, 4/15/08

Monthly payment                  $2,240.28
+ taxes, insurance, mi          $562.74  ($357.98 your taxes may be lower + $60 + $144.76)
TOTAL PAYMENT                    $2,803.02

More info on this program.. Complete a detailed application today and find out if you qualify!  APR% in above scenario is 7.321%.  My Community   FHA   VA loans   Police   Teachers

Reverse Mortgage
They are fantastic programs and offer a variety of payouts to the customer.  The borrower can receive a lump sum payment, a monthly payment, the availability of a line of credit to draw at their leisure OR a combination of the 3.  These loans are very flexible. 

The Reverse Mortgages have no monthly payments for the life of the loan.  All interest is added to the principal balance to be paid back when the loan is paid off.  The loan is due when the home is no longer the borrower’s primary residence.  At the time of the sale of the property, if there is negative equity in the property, it becomes the lender’s issue.  The borrower and or their heirs will not be responsible for making up any difference between the sales price and the balance due. 

If there is positive equity, the proceeds will go to the borrower’s designated heirs.  These programs are not as simple as getting the value of the property and multiplying it by a Loan to Value factor to come up with the available loan amount.  Age, zip code, property value, and product type (ARM (many available) vs. Fixed) will determine the amount available.  These loans normally float until closing so the loan amount may fluctuate a little between application and settlement. 
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If you are interested in learning more and/or finding out what you qualify for, we will need a complete application to run through a Reverse Mortgage application engine to generate proposed terms for you.  Complete a “Forward” application online, and put in $1 for loan amount at 1% fixed over 30 years.  This will allow you to complete the rest of the application.  Don’t complete any liabilities as we will get this from your credit report.  While we don’t verify income or assets, the information is required on the application as is a credit report even though credit and credit scores are not a determining factor in the approval process. 
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Click here for the Reverse Mortgage Application, and here for a very helpful guide to run preliminary numbers for good estimates of reverse mortgage loan amounts.   Remember, the calculators are an estimate… We are closing on one this afternoon where the borrowers are receiving $6K more than the AARP calculators suggests they are entitled to. 
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Contact Choice Finance® anytime with any questions and to move forward with your application.