How to attract new buyers - No Payments for 6 mos

Published 08 October 07 02:13 PM | Justin Stranere 

I just wanted to share a new option that may help all of us attract some more buyers.  We all are aware of what a sellers's assist is and how it can be used to put towards a buyers closing costs. A new option is to use the assist to go towards paying a buyers principle and interest payment for up to the first 6 mos.

I would encourage going over this with your lender for exact details and product guidelines. 

The general guidelines are that any 1 unit owner occupied primary residence would apply.  The program allows a seller or builder to pay the principle & interest portion of a borrowers mortgage payment on resale or new construction purchases for up to the first 6 mos. The lender we use that offers this is Suntrust Mortgage - www.stmpartners.com but I would guess that some other lenders would have a similar program.

Good luck and hopefully this can help attract a new buyer or be a viable option for a client you are already working with.

Justin Stranere - RFW Realtors

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# John Peters said on October 11, 2007 11:37 AM:

I would like to get more info regarding this program.  I think its a great way to interest some buyers and I myself would like to not have a mortgage payment for 6 mos.

# Carin said on December 21, 2007 4:11 PM:

New homebuyers can save money by using term life insurance to insure their mortgage. This option provides the added benefit of the homebuyer and not the lender naming the beneficiary. Certain term policies can convert to whole life insurance once the term has expired, giving the homebuyer continued coverage. Please visit us at http://www.life-insurance-quotes.ca for more information regarding term life.

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