Hal's Mortgage Blog

I’m talking about the Metro Buyers Group Down Payment Program. Ever since Down Payment Assistance went away last year, Realtors and Lenders have been searching for a new way to help buyers with limited resources. Enter MBG; they’ve come up with a way to use seller assistance plus the temporary tax credit authorized by congress to “loan” the buyer nearly all the down payment needed.

· Is it complex? Yes

· Is it legal? I don’t know

· Is it expensive? Yes, for both Buyer and Seller

· Is it RESPA (Real Estate Settlement Procedures Act) compliant? Hasn’t been challenged yet but looks shaky.

I can’t possibly list all the details here, but I have a 3 page White Paper report for anyone who is interested.

Hal Tennant

MMC Mortgage

(615) 895-4265

P.S. After reading the above and you’re still interested, go to their web site http://www.metrobuyersgroup.com