Welcome To Greenpark Mortgage Corp...
Rob Veneziano and Greenpark Mortgage are dedicated to providing the highest level of service and care. We want to know you by name, not your loan number. This philosophy means we treat you as a true partner in the process, keeping you well informed every step of the way.
As a lender, with hundreds of loan programs available, I will be sure to find the best one for you at the lowest possible rate and closing costs!
Greenpark Mortgage specialize in:
- First Time Homebuyer Programs
- Purchases
- Cash Out/Debt Consolidation Refinances
- FHA Loans
- VA Loans
- Rehabilitation Loans
- USDA Loans
The Return of the Assumable Home Loan
The assumable home loan is back.
Popular in the 1980’s when mortgage rates soared to high double-digit figures, the conventional assumable loan gave buyers the option to take over a seller’s loan with a lower interest rate. Today assumable loans are rare, except for FHA loans which offer this feature along with other distinctive advantages.
“The assumablility of the loan could have significant value for buyers who expect to sell in five or more years when mortgage rates will most likely be higher than they are today,” said Paul Gershkowitz, president of Greenpark Mortgage, a Massachusetts lender with strong credentials in FHA loans. “It would be a major selling point in many instances, considering a lower interest rate of even a few points could add up to tens of thousands of dollars in savings over the years. Sellers could consider asking a higher price because of that feature.”
Only 3.5 percent down
Gershkowitz pointed out that an FHA loan could be the ideal mortgage solution for those with limited resources, such as first-time buyers. Only a 3.5 percent down payment is required for approved applicants and that can be gifted by a family member. The low down payment also applies to two- to four-unit properties with potential rental income that could help pay for – or even completely cover – monthly mortgage payments. The FHA loan is also receptive to buyers with lower credit scores and higher debt ratios. Monthly mortgage insurance is significantly less than traditional mortgage insurance.
In addition, FHA loans present an opportunity to cash out refinancing up to 85 percent of the home’s value, to include up-front mortgage insurance in the loan, and to bring in non-owner occupants as co-borrowers on one-unit properties.
FHA loans are capturing the attention of increasing numbers of buyers. According to a recent syndicated news report, last year the FHA insured 21.5 percent of all new mortgages, up from less than 6 percent in 2007.
For more information on the attributes and costs of FHA loans, contact Rob Veneziano on 617-797-7995.
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