Atlanta’s Best New Homes Show was joined with Nichole Allison, Sales Manager of New American Funding, for another segment of Mortgage Minute. Nichole joined the show to discuss a mortgage product called Skip Three that is designed to help clients save money, especially during the big spending season around the holidays.
New American Funding’s Skip Three program attempts to help families offset the high spending costs associated with the holidays. Skip Three is available for any of the New American Funding government loans. For clients doing FHA or VA financing, the first month mortgage payment can be deferred for an additional three months through the program.
Normally, the first payment is due two months after closing. With the program, an additional three months of reprieve are added on, allowing for a stress-free and seamless transition after the holidays are over. This means anyone looking to close in December of 2019 wouldn’t have to worry about a payment until May of 2020.
To take advantage of the program, clients are responsible for prepaying three months of principle at the time of closing. The builder or seller provides a concession of up to six percent of sales price for FHA and up to four percent of sales price for VA. This provides three months prepayment of interest, monthly mortgage insurance, proposed taxes and other insurance.
This is a great time to take advantage of this program to come out of pocket minimally and not have a payment for a few months. To find out more about this particular program or any other New American Funding services, visit www.NewAmericanFunding.com or call 404-323-4748.
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