Down Payment insurance

To get millenials off their butts and encourage them to buy a house, one bank is now offering down payment insurance.

This interesting tidbit came from Realty Track’s newsletter.

 

“Its’s called +Plus, the new down payment protection works like the insurance homebuyers are already paying for at closing except that it protects the homebuyer: If the market falls and the homeowner decides to sell, +Plus will reimburse them up to the full value of a 20 percent down payment. The average cost for the protection is equivalent to less than a lunch per month. If you want it today, go to Amalgamated Bank. +Plus is available on all eligible Amalgamated Bank mortgages. It’s included at no cost exclusively in the bank’s First-Time Homebuyer +Plus program, in that case covering down payments of up to 5 percent of the home’s purchase cost. Amalgamated Bank, whose stated purpose is “affordable and accessible banking for all,” is the first of many lenders that will make down payment protection available to its homebuyers.”

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Some Ways To Find Deals That You Never Thought Of

Here is another creative way to put you ahead of the competition. Let’s say you find a house that has a lot of liens and/or judgments on it. Everyone else turned his nose up at this. It looks like it has no equity. With some creative thinking, you can create your own equity. Let’s suppose the first is about 50% of the total value and the owner is behind in his payments.

Read more on Some Ways To Find Deals That You Never Thought Of…