Instructors:
- Grant Solik, American Portfolio Mortgage
- Shelly Starr, Supreme Lending
- Jim Thelen, Lake Michigan Credit Union
- Nicole Wing, ATA National Title
- Angel Romero, Down Payment Resource
1. There has not been any guidance from government-sponsored enterprises (GSEs) regarding whether buyer’s agent commissions can be financed with the current proposed settlement.
GSE Examples: FHA, VA, Fannie Mae, Freddie Mac, Ginnie Mae.
2. MSHDA loans are repaid as a second mortgage when the property sells.
3. MSHDA borrowers do not have to pay a recapture tax. MSHDA takes care of it.
4. At the time of publishing this, loans using a MSHDA MI Home Loan are turning around in 24 hours and are not negatively impacting the timeline of a home-purchasing transaction.
5. MSHDA loans can also cover closing costs, not just a down payment.
6. Down Payment Resource in the Greater Lansing MLS allows agents to view down payment programs specific to each property.
7. Typically, down payment assistance does have to be paid back, but it has a 0% interest rate.
8. On average over the last 12 months, 70-80% of homes listed on the Greater Lansing MLS qualify for down payment assistance.
9. Similar to FHA 203k, there is now a rehab program for VA loans too.
10. Assumable mortgages are not very common. Most of the assumable mortgages ATA Title has worked with are for cases of divorce.