Local Mortgage Company Announces Alternative to FHA Mortgage Insurance


Orange, California (PRWEB) March 28, 2013

Broadview Mortgage announced their Community Access program as an alternative to FHA loans in an attempt to offset rising mortgage insurance costs.

“Right now we have so many people out shopping for homes using FHA loans, after April 1st we don’t know if they will still be qualified for the same amount. So, we all put our heads together, did some research, and came up with a solution. Thus the birth of the Community Access Program” says Chris Apodaca, Assistant Director of Branch Development at Broadview Mortgage. “It’s a safe conventional Fannie Mae alternative to FHA.” says Apodaca who is also a licensed mortgage banker.

The underwriting guidelines for the Community Access program require that borrowers have a minimum 680 middle FICO credit score as well as a 3% down payment. Federal FHA loans require 3.5% down payment however allow credit scores as low as 620. When asked if these stricter guidelines would affect first time buyers Apodaca responded, “Well, it’s not just to protect the bank it’s also to protect the homebuyer. Someone with a 540 credit score needs to get their financial affairs straightened out before taking on a mortgage.”

Broadview Mortgage is a California based mortgage bank that specializes in working with first time homebuyers.







Tags: , , , , ,

Comments are closed.

Spanish Crisis Triggers Real Estate Price Collapse

Baltimore, MD (PRWEB) June 29, 2012 A move by Spanish banks to offload the build-up of foreclosed properties on their [...]

Self Storage Provider Coronado Mobile Storage Joins Forces with LAD Solutions in Promoting Storage Containers as Mobile Offices

San Diego, CA (PRWEB) July 03, 2012 With the collapse in real estate prices and explosive growth in home foreclosures [...]

Real Estate Prices LOFTS DOWNTOWN LOS ANGELES FOR SALE AND LEASE RENTALS

Real Estate Prices LOFTS DOWNTOWN LOS ANGELES FOR SALE AND LEASE RENTALS. LA loft prices and market report Corey Chambers, [...]

Mortgage Rates Drop to New Record Lows Influencing Increase In Refinancing and Home Building Activity According to BurlingtonMortgage.biz

Wilmington, NC (PRWEB) July 24, 2012 Mortgage rates have reached a new historical low point for 30 year fixed, 15 [...]

NFIB Stated Confidence in Small Business Takes a Steep Drop XSM Services aimed to Restore Faith

Denver, Colorado (PRWEB) January 30, 2013 After the recession took its toll on the U.S. economy, the fiscal cliff and [...]

Junior State of America Releases Winter 2013 Edition of Student-Run Magazine, The Junior Statement

Washington, DC (PRWEB) January 31, 2013 The Junior State of America (JSA) today released the Winter 2013 Edition of The [...]