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Appraisal Alternatives--So Many Choices, So Little Time

National Mortgage Professional
Nov 19, 2001

K.C. Mayor Kay Barnes Lauds Local Lenders and Fannie Maemortgagepress.comKansas City, MAMP, Fannie Mae, Kay Barnes, Kansas City Mayor Kay Barnes commended four local lenders and Fannie Mae for making Timely Payment Rewards mortgages--lower-cost mortgages for borrowers with past credit problems--available to Kansas City families. "Timely Payment Rewards mortgages bring lower cost financing to consumers with blemished credit," says Mayor Barnes. "This is a very important tool in the fight against predatory lending." "Owning a home is the American dream, but qualifying for a mortgage can be a challenge, especially if you had past credit problems," says Bill Brown, director of Fannie Mae's Kansas City Partnership Office. "We are very pleased to offer Timely Payment Rewards through our partners James B. Nutter & Company, Countrywide Home Loans, First Horizon and CTX Mortgage to help more Kansas City families get on the path to homeownership." With this new mortgage, qualified borrowers will be able to finance their home at a rate up to two percentage points lower than those typically paid by credit-impaired borrowers. After 24 monthly payments without a delinquency, the borrower's mortgage rate is automatically reduced by up to one percentage point if they did not have a 90-day delinquency since the loan's inception. For example, a borrower with past credit blemishes who obtained a $100,000 mortgage loan with a non-traditional interest rate of 11.5 percent would have monthly payments of approximately $990 per month. Using the Timely Payment Rewards mortgage, the rate would be approximately 9.5 percent for a mortgage payment of $841 per month--a monthly savings of $149. In addition, if the borrower had 24 consecutive months without delinquencies at the second anniversary of the first scheduled payment, the borrower's rate would automatically be reduced to 8.5 percent. Over a five-year term, a borrower would save more than $11,000. For more information on Timely Payment Rewards mortgages, call Fannie Mae's Consumer Resource Center at (800)-7FANNIE.
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