As a realtor, your goal is to help your clients achieve their dream of homeownership. However, in today’s market, many prospective buyers face significant financial hurdles that can make this dream seem out of reach. Whether it’s a lack of funds for a down payment or closing costs, or challenges with credit scores and debt-to-income (DTI) ratios, these obstacles can prevent otherwise qualified buyers from getting the keys to their new home. That’s where the Home 100 program from ML Mortgage, offered through Best Option Mortgage, comes in—and why it’s an invaluable tool for you as a realtor.
What is the Home 100 Program?
The Home 100 program is a game-changer for clients who might not have the resources to cover a traditional down payment or closing costs. It offers 100% financing, allowing buyers to finance the entire purchase price of the home, and even goes up to 101.5% CLTV (Combined Loan-to-Value) to cover additional costs. This program is available in 11 states, including popular markets like California, Florida, and Texas.
Why Home 100 is Beneficial for Your Clients
No Income Limits: Unlike many Down Payment Assistance (DPA) programs that have strict income limits, Home 100 does not impose any area median income restrictions. This means more of your clients can qualify, regardless of their earnings.
Lower Credit Score Requirements: The program is accessible to clients with a minimum FICO score of 600. It even accommodates higher DTIs, making it easier for clients who may have been turned down elsewhere to get approved.
Flexible Second Lien Options: Home 100 offers two second lien options—one with payments deferred at 0% interest, and another that provides an additional 1.5% to cover closing costs or other expenses. This flexibility helps tailor the financing to your client’s specific needs.
Fast Closings: Unlike other DPA programs that may require additional state or investor approvals, Home 100 loans can close as quickly as other standard mortgage loans. This efficiency is crucial in competitive markets where a fast close can make or break a deal.
No First-Time Homebuyer Requirement: Whether your client is purchasing their first home or their fifth, they can take advantage of this program. This broad eligibility opens the door to more opportunities for repeat buyers or those looking to upgrade.
How Home 100 Empowers Realtors
For realtors, the Home 100 program is more than just a financing option—it’s a powerful tool to expand your client base and close more deals. By offering this program, you can:
Reach More Buyers: With the elimination of income limits and flexible credit requirements, you can attract a wider range of clients, including those who may have been denied a mortgage through other channels.
Enhance Affordability: Helping your clients finance 100% of their home purchase, and even covering some closing costs, makes homeownership more affordable. This can be the difference between a deal that closes and one that falls through.
Increase Your Competitive Edge: In a crowded real estate market, offering a unique financing solution like Home 100 sets you apart from other realtors. Your clients will appreciate your ability to find innovative solutions to their challenges.
Build Long-Term Relationships: By helping your clients achieve their homeownership dreams with minimal out-of-pocket expenses, you’re building trust and loyalty that can lead to referrals and repeat business.
Conclusion
The Home 100 program is not just a mortgage option; it’s a strategic advantage for realtors looking to empower their clients and close more deals. By understanding and promoting this program, you’re positioning yourself as a realtor who goes above and beyond to find the best solutions for your clients. Don’t let financial barriers stand in the way of your clients’ dreams—partner with Best Option Mortgage and leverage the Home 100 program to unlock the door to homeownership for more of your clients today.
——————-
Best Option Mortgage is a DBA of ML Mortgage Corp. ML Mortgage Corp. is a state-licensed mortgage lender, NMLS ID #362312, licensed by the CA Department of Financial Protection and Innovation under the Finance Lenders Law, License #60DBO69831. For other states, visit www.mlmortgage.net. To verify licenses, visit www.nmlsconsumeraccess.org. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms, and conditions may change without notice. Not all programs are available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. © 2024 ML Mortgage Corp. All rights reserved.