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Wednesday, December 11, 2002 New mortgage program a perfect fit for area minorities From the moment the new Home Solutions mortgage program was proposed to Ted Scalia, he visualized the positive impact it would have upon Atlanta's minority populations, especially its booming Hispanic community. Vice-president and production manager for Metro Brokers Financial, the 19th largest lender in the state of Georgia, Scalia believes the program will be instrumental in offering thousands of Atlanta residents their first opportunity to purchase a home. Home Solutions offers all the benefits of a conventional loan to those who would not normally qualify due to poor credit. The program is especially advantageous for recent immigrants to the U.S. who have not yet established a solid credit rating. The zipcode-driven program offers mortgages to those persons moving into or out of specific underserved zipcode areas. The benefits of the program are numerous: Homebuyers need not have established credit and may finance 100 percent of their loan. A minimal investment of 3 percent is required; the purchaser can pay this sum in closing costs or prepaids. Flexible sources of income --a gift from a relative, a non-profit organization, or even a loan -- are allowed to finance the cost. Most importantly, all loans are offered at market rates with no penalties for prepayment; in many cases, mortgage insurance is not required. Further, homebuyers are not subject to income limits, and there is no limit on loan amount (up to the conforming loan amount of $300,700). "With Home Solutions," Scalia states, "the homebuyer, the neighborhood, and the investor are all winners." And, Scalia explains, Metro Brokers Financial has Spanish- and Vietnamese-speaking staff who can communicate with Hispanic and Vietnamese homebuyers, thus providing a smooth, stress-free loan process from application to closing. A full-service mortgage company founded in 1990, Metro Brokers Financial is the in-house mortgage company for Metro Brokers/GMAC Real Estate and serves the 20-county Atlanta region through 19 area offices. Their high volume in generating FHA loans made Metro Brokers an attractive outlet for the Home Solutions program, which was developed by a wholesaler/investor working with Fannie Mae (Federal National Mortgage Association). For complete information on this program, call Ted or any other Metro Brokers Financial representative at 404.847.2525.
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