No Money Down Home Loans, Finance up to 100% Loan to Value
The 80 percent first mortgage can be a fixed-rate (15-year or 30-year), adjustable-rate (usually 5/1, 7/1 or 10/1 fixed period ARM) or interest-only loan. The 20 percent second mortgage can be a home equity line of credit that changes with the prime rate. Combined, the two loans allow you to purchase 100% of your home with no money down.
When Niche Marketing Collides with Fair Housing
When planning your marketing strategy, be sure not to base your marketing decisions on prospective clients' membership – or non-membership – in any of the classes protected by the federal Fair Housing Act or by your state or local fair housing laws, according to the just-released third edition of Real Estate Brokerage Essentials: Managing Business and Legal Issues , published by the NATIONAL ASSOCIATION OF REALTORS®.
Some examples: Don't focus only on Hispanic buyers, to the exclusion of African Americans, Asians, or Caucasians. Don't market your services only to Christians, to the exclusion of people of other faiths. Don't place your listings only in newsletters designed to reach seniors, to the exclusion of families with children.
The rule not to market on the basis of membership in a protected class applies even if the protected class is one the real estate professional belongs to. In general, you'll usually be safe if you niche market in accordance with the rule for composing ads for properties: Focus on the property's characteristics, not those of the prospective buyer or tenant.
Exceptions to this rule include niche marketing to first-time home buyers and clients who are relocating. A niche marketing plan that is based on any of the following property types is perfectly lawful and can be quite effective:
1st Loan Program Options:
· 3/1, 5/1, 7/1, 10/1, 15 and 30-year Fixed Rate programs
· Interest Only payment option available on 3/1, 5/1, 7/1 and 10/1
· 15 and 30-year Fixed Rate
· 30-year Fixed Interest Only (10-year interest only period)
· 40 due in 30 options available on 30-year Fixed, 3/1, 5/1, 7/1 and 10/1 LIBOR ARMs
2nd Loan Program Options:
· 30 due in 15 (30/15)
· 15-year Fixed
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