Key Mortgage is offering a new down payment assistance program on Aug. 3, designed to help first time homebuyers make the leap from renting to owning. Through 1stHome Illinois, presented through the Illinois Housing Development Authority (IHDA), new buyers can obtain a 30-year, fixed-rate, affordable loan and a $7,500 grant to help with down payment or closing costs. "As you plan your strategy fo...
Did you know that purchasing a home can often be a challenge for new doctors? Faced with potentially crippling debt and inevitable job changes, many medical school graduates think that they won't be able to buy. However, the Key Mortgage Service, Inc. physician home loan program has been designed to meet their unique needs so they can obtain financing on a home. "This loan product is a great oppo...
The mortgage industry has experienced positive changes in the last several years designed to protect the consumer, but many are still confused about what they need to do to get a loan. According to a survey by media research company Ipsos, 36 percent of Americans polled think that a 20 percent down payment is required to qualify for financing. "Loan regulations have loosened this year to allow fo...
When the new TRID regulations go into effect on Oct. 3 -- extended from Aug. 1 -- lenders will no longer be able to require a borrower to provide verifying documents prior to writing a preapproval letter. Loan officers will need to rely upon information that the borrower willingly volunteers in order to avoid triggering TRID's three-day window for delivering initial disclosures. "Prequalification...
