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Tuesday, January 3, 2012

The Home Ownership Accelerator - HOA

This is the 6th installment of the Loan Program Quick Reference Guide and today I am focusing on the Home Ownership Accelerator.  I have already extolled the virtues of the more common / popular loans but now it's time to talk about one of my favorite loans (my other favorite is the FHA 203(k) Streamline loan).  Here are the highlights:
The Home Ownership Accelerator allows a borrower to purchase a home with financing ranging from $100,000 to $2.5mil. with 25% down.  The closing process is fast and easy and the best parts are that this loan pays off in usually less than half the time of a traditional mortgage and it allows borrowers access to their equity.

You can learn all about it by watching this 5-minute video:

Benefits to Buyer
  •   Pay off loan much more quickly than a traditional mortgage 
  •   Build up equity much faster than a traditional mortgage
  •   Buyer has access to the equity for investing or other purposes

D. Jed Wunderli
Certified Mortgage Planner
Alterra Home Loans

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