"New Downpayment Program Expands
Homeownership Opportunities"
 |
| Don DiNovi, President |
The good
news is that while lenders are looking more closely at borrowers today than in
recent years, there are options for purchasing your home without a 20% downpayment.
In fact, creditworthy borrowers with moderate to low incomes will be able to purchase a home with a downpayment as low as 3% through Fannie Mae’s new HomeReady™ mortgage program.
In fact, creditworthy borrowers with moderate to low incomes will be able to purchase a home with a downpayment as low as 3% through Fannie Mae’s new HomeReady™ mortgage program.
HomeReady will expand and replace Fannie
Mae’s current affordable lending program, MyCommunityMortgage®, to include both
first-time and repeat home buyers. By increasing access to affordable
mortgages, more borrowers should be able to purchase homes.
In an effort to increase the types of
households that qualify for the mortgage program, more flexible sources of
funds can be used for the downpayment and closing costs. For example, income
from a non-borrower household member can be considered to determine an
appropriate debt-to-income ratio for the loan. This should help multigenerational
and extended households qualify for these mortgages.
Multigenerational households - or family households consisting of three or
more generations -
have become increasingly popular in recent years. According to the most recent
Census, approximately 4.4 million American homes had three generations or more
living under one roof in 2010, a 15 percent increase from two years earlier.
There are many reasons for this trend.
The recession caused many adult children to return home after college, either
because they weren’t able to get jobs that would cover rent, or they wanted to
save up to buy homes of their own.
Multigenerational households also form
so that grandparents can help take care of their grandchildren, and as they
age, their children can care for them. This type of arrangement can ease
financial burdens as well, with several generations contributing to the
mortgage payment and not having to incur the expenses of childcare, retirement
housing or professional care-giving environments. Fannie Mae’s research indicates that these
types of extended households tend to have incomes that are as stable or more
stable than other households at similar income levels, positioning them well
for homeownership.
The new mortgage program also allows
income from non-occupant borrowers, such as parents, and rental payments, such
as from a basement apartment, to supplement the borrower’s qualifying
income.
Borrowers will be required to complete
an online education course about the buying process and the responsibilities of
homeownership. In addition, the program will offer homeowners support through
the life of the loan to help ensure sustainable homeownership.
More information about the HomeReady program can be found at www.fanniemae.com/singlefamily/homeready.
More information about the HomeReady program can be found at www.fanniemae.com/singlefamily/homeready.
Regards,
Don
Thanks to all members and guests who attended our fall
fundraiser, Texas Hold Em Night on September 18th, including
builders NJBA President George Vallone of Hoboken Brownstone Company and NJBA
Secretary, Tom Troy of Sharbell Development. Special thanks to Glen
and Donna Lumia of Creative Design Construction for all of their hard work to
make the event a success, along with our grill chef Arnie DeMasi of DeMasi
Construction, Don DiNovi of Ulrich and Richard Gaynor of Middleton &
Company Insurance, our co-chair and Master of Ceremonies and our Caller, Greg
Perlmutter of Corporate Tele-Consultants, Inc. Very special thanks to our
sponsors: Grand Prize ($2,000)-Dykes Lumber Company; Dinner
($1,000)-Sharbell Development; Prize ($750)-Lightning Electric; Beverage
($500)-2-10 Homebuyer’s Warranty, S&S Painting and Universal Supply
Company; Game Tables ($250)-ACI Electrical; Steamist; Fireside Hearth &
Home; Commercial Agency; Volpe Custom Homes; Tri-State Blasting; F. Mauro
Builders; Floor Town; Eagle Securities; Mainline Plumbing; Spilotras Painting;
Greg Marsh-Better Homes & Garden Realty. Congratulations to the
winners: Deren Alvarez (1st); Steve Stavros (2nd); Anthony
Infantolino (3rd); Vinnie Vidovic (4th) and Tom
Romanowski (5th).
Click Here to Register
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Premier Partners Spotlight!
Premier Partner Member to Member Discount—VAN NATTA MECHANCIAL
Contractors utilizing Van Natta Mechanical for the first time for plumbing, heating, air conditioning, electrical, or spray foam insulation, for contract work, will have 1% donation made to BRANNJ in the contractors name, to be used at the discretion of BRANNJ. Invoices will be billed out in gross and contract payments must be made within terms of agreement for donation to be valid. Rebate is also valid for referrals to customers that translates into contract work. Offer is valid from Sept 1, 2015 – August 30, 2016.
Mr. Alan Kennemer, Builder Sales Manager
55 Passaic Avenue, Fairfield NJ 07004
516-419-7311
alank@cosentino.com
MEMBERSHIP RECRUITMENT ALERT
We
Want You!
Join
us in October and help recruit new members for a chance to win a FREE
membership for 2016!
|
The
BRANNJ Membership Committee is asking all members to participate in the
NAHB/BRANNJ Membership Drive in October 2015!
|
Help
your local association GROW and win up to $2,500 by placing in the top of the
local's size category. And....
|
Win a
FREE 3-IN-1 Membership for your company or a discount off your 2016
membership dues by recruiting new members from October 1st-31st as follows:
One Member: $50 off Two Members: $150 off Three Members: $300 off Four Members: $400 off ; and Five Members or more: FREE Membership Dues for 2016! ($737 value) |
Don't
Wait... Use these letters to Start Recruiting Today!
|
BRANNJ Members Involved in Community Outreach-Making a
Difference!
 |
In September, BRANNJ participated in the Center for Food
Action’s request for school supplies and backpacks to help children in Bergen
County.
|
Van Natta Mechanical in Mahwah is donating $10.00 from every
service ticket for the month of October for breast cancer awareness. Last year,
VNM donated over $4,500.00 to the foundation for cancer awareness.
Customers will receive a thank-you letter memorializing the
donation we make. Be sure to call Van Natta Mechanical today for your
home/office/project service needs!
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| Save the Dates! | |
Tuesday, October 13th~ Joint Networking/Educational Meeting with National Kitchen & Bath Association (NKBA) at the new PIRCH Showroom @Garden state Plaza, Paramus. 6:30pm Social Hour, Food & Networking; 7:30pm-8:30pmSpeaker: Danny Wood of Sandler Training, “Networking—It’s a Contact Sport!”
(0.1 NKBA CEU)
Thursday, November 19th~ Reno’s Annual Pre-Holiday Industry Networking Party. Bring your business cards to this annual building industry networking extravaganza at the beautiful Reno’s Showroom in Paterson. Make new connections with peers from several industry associations as you enjoy Reno’s outstanding hospitality with delicious food, beverages, music, prizes and much more! 5:30pm-8:30pm.
Thursday, December 3rd~ Annual Winter Showcase Tabletop & Beefsteak Event.
** NEW VENUE THIS YEAR** The Brownstone, A Historic Landmark, in Paterson, NJ. Don’t miss this annual favorite event as you mix and mingle with builders and associate vendors at THE Northern, NJ mini-tradeshow. Then…enjoy a delicious traditional Beefsteak dinner and play in the bread-building contest for the charity of your choice. The Brownstone is famous for its Beefsteak, so be sure to attend to enjoy great food, great business opportunities and participate in a great event to assist with a local charity at this festive time of year.
Thursday January 28, 2016~
Celebrate the New Year and your fellow members and join us at our 72nd
Annual Installation & Awards Dinner. Enjoy a fabulous buffet, open bar,
networking & fantastic music. 6:00pm @ The Graycliff Fine Catering,
Moonachie, NJ.
