A standard 30-year fixed rate loan is great once you move into your first home. But overcoming the significant barriers to move from renter to first-time homeowner are often insurmountable. The Renter’s Advantage loan takes the preference of a fixed rate loan and adjusts the amortization schedule to benefit the loan qualification process. Because increases are fixed on an annual basis, this loan is very easy for renters to understand. This also allows the borrower to qualify for up to 30% higher home valuation thus removing one of the big barriers to first time homebuyer opportunities.
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NOTE: Calculation of the annual adjustments vary significantly as interest rates fluctuate. In our testing we found ourselves adjusting recast rates and months, adjusting the annual percent, etc. Our API now automatically performs these adjustments in fractions of a second to deliver immediate results to your borrowers and lending personnel.