Sanibel & Captiva Islands, Floirida, Florida, United States
Born in the U.K. Almost ten years’ experience in property management/rentals on the islands. Specialty — International customers/Seniors/Second Homes/Investment Properties.
Sally was born near Bristol in Southwest England. . She spent a decade traveling and gaining work experience around the globe until settling in the New York metropolitan area as a corporate travel consultant. She now specializes in guiding customers from overseas and the USA through the process of finding and purchasing real estate on the Islands.
Initially inspired by a postcard of Blind Pass, Sally began visiting Sanibel regularly before making it her full-time home in 1996. Prior to becoming a licensed realtor, Sally was one of the original employees at Royal Shell Vacations and uses her in-depth knowledge of the vacation rental market daily to the advantage of her customers.
She was recently awarded the designation “MCNE” (Master Certified Negotiations Expert) and also holds the designations S.C.I.S. “Sanibel & Captiva Island Specialist” from the Sanibel & Captiva Board of Realtors, e-PRO and “TRC” (Transnational Referral Certification).
NEW YORK – June 29, 2016 – Quicken Loans has been fairly hush about its latest offering of a super low downpayment mortgage, even as rival bank giants like Bank of America, Wells Fargo and JPMorgan Chase all tout their new 3 percent down mortgage products. But late last year, Quicken Loans quietly began offering 1 percent downpayment mortgages.
The program emerged from a partnership between Quicken and Freddie Mac in October 2015 and was structured as part of Freddie Mac's Home Possible Advantage program, which requires a 3 percent downpayment.
However, Quicken Loans offers its customers a 1 percent down because it grants the extra money to the borrower, Bill Banfield, Quicken Loans' vice president of capital markets, told HousingWire in an interview.
"We require 1 percent from a consumer and we give the consumer a 2 percent grant, so the client has 3 percent equity immediately," Banfield told HousingWire.
The 1 percent downpayment loans are available only for those purchasing a home, and they can only be used on a single-family home or condo – second home and investment properties or co-ops aren't included. They must have a FICO score of 680 or above and earn less than the median income for their county. Their debt-to-income ratio must be 45 percent or less.
"We want to try to help people and do it in a smart way," Banfield told HousingWire. "For us, it was really a question of, if you want to provide access to credit, how do you do it responsibly? How can you help people? If first-time buyers are struggling, are there smart ways to help them while still balancing access to credit? … We wanted to have a conventional option to get people into more homes."
Source: "Quicken Loans Now Offering 1% Down Mortgages," HousingWire (June 24, 2016)