By GMCC District Manage: Vera Chang
Published on 2/23/2024
In the face of soaring house prices, what is the biggest challenge you or your clients are facing when buying a house? Debt-to-income is too high? Not enough cash for down payment?
To address these two challenges, General Mortgage is constantly looking for more affordable programs to help more homebuyers settle down. We will talk about solutions to address Debt-to-Income ratio later; as for the issue of insufficient cash to close, today, we are launching an exclusive down payment assistance program: as long as the homebuyer meets the conditions, they will receive $10,000 mortgage grant for free!
This program has the following features:
1️⃣ Can be stacked with other credits and offset the down payment!
Similar programs in the past often encountered a problem: credits could only offset closing costs, so if a transaction had a large amount of seller credit or agent rebate, at most, it could only reduce the closing costs to $0, and any excess credit would be wasted. However, the $10,000 grant from this program can be used to directly reduce the down payment! There's no need to worry about the total credit exceeding the total closing costs and not being used up!
2️⃣ The loan interest rate is close to the market rate, without buydown required.
Many homebuyer would say, if you buy a new house, many builders' preferred lenders also offer a lot of incentives, right? It seems so on the surface, but builders' preferred lenders often require you to spend a lot of money on points used to buy down interest rate to a normal level while giving you a large incentive, otherwise, the interest rate will be very high!
Overall, the incentive is only a few thousand dollars in real credit. Our program offers a fair interest rate. The total $10000 will be truly used to reduce your overall closing cost and cash needed.
3️⃣ No need to apply from the government during loan process, no need to repay!
Many friends may have heard of California's Dream Home For All Program, yes, many down payment assistance programs require repayment at some future point. However, this program launched by GMCC has no additional conditions, no government involvement in the loan process, and no need to repay. It's a truly free $10,000 gift!
4️⃣ No low-income requirement
Currently, many similar programs on the market are aimed at low-income groups. However, this program is accessible to normal income groups, even high-income groups. For example, in the North Carolina Triangle area, homebuyers with an annual income of less than $230,000 can apply.
At this point, the question most people are probably most concerned about is, what conditions do I need to meet to be eligible to apply?
It's actually very simple:
Must be a citizen, green card holder, or work visa holder
The purchase is for a primary residence
Income does not exceed 1.5-2 times the county's average income (for most counties, the buyer's annual income should not exceed $150,000-$230,000)
Not required to be a first-time homebuyer, but must not own any other property when using this program
The homebuyer's current residence, or the property being purchased, is located in a specific area
Without further ado, the program is open for applications from today until the funding runs out. Friends in need are welcome to contact the Vera team at 347-688-9191.
Vera Chang NMLS# 2158666
General Mortgage Capital Corporation
Rates and guidelines are subject to change without notice. Please contact Vera for the qualification and accurate quote.
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