New financing options open doors for Miami homebuyers
By Madeleine RomanelloSpecial to the Miami Herald | May 17, 2019
The problem for most prospective buyers, as you might be experiencing or can imagine, is the outdated and stagnant model for securing a mortgage: 20 percent of the entire loan in a single down payment, lest the buyer to assume expensive private mortgage insurance (PMI) costs.
In the wake of the housing crash of the late 2000s, banks have been increasingly stringent on adhering to these and other demanding loan guidelines that made homeownership simply impossible for young renters. This unfortunate trend was further exacerbated by the nontraditional careers of many young renters, who earn their income as freelancers, multiple job holders, and self-employed entrepreneurs; a trend which some banks were slow to understand.
NEW OPTIONS EMERGE
However, thanks to progressive and “out of the box” thinking on the part of some innovative lending institutions, I am delighted to share several new, flexible, and creative financing options that put homeownership within even closer reach for motivated renters. As a city with a pronounced condo glut, this trend is especially promising for Miami.
There are “several new, flexible, and creative financing options that put homeownership within even closer reach for motivated renters,” says Madeleine Romanello, a member of the Master Brokers Forum. “As a city with a pronounced condo glut, this trend is especially promising for Miami,”
Read the full article at The Miami Herald