Born near Bristol UK. Lived in Bleadon Village as a child and attended Bleadon Primary School then Weston-s-Mare Grammar School for Girls and Maria Grey School of Further Ed. Worked for Kuwait Airlines in the late 70's and early 80's before moving to the NY area.
Relocated to sunny Sanibel Island SW Florida where I have been lucky enough to live and work for the past 21 years. Raised one daughter, Charlotte who graduated from Adelphi University.
I have been selling real estate here on the islands of Sanibel and Captiva for over 15 years and thoroughly enjoy working hard to find that special little piece of paradise for each and every customer!
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)