Event Details
| Date |
Thursday, August 1, 2024 |
| Time |
2 p.m. - 2:30 p.m. |
| Contact |
(mpp@fhlbi.com)
|
Register now for the Loan Acquistion System (LAS) enhancement webinar featuring the new Rate Advantage Program.
Click here to register!
The Rate Advantage Program will soon be available for FHLBank Indianapolis members who participate in the Advantage Mortgage Purchase Program (Advantage MPP). It offers members the opportunity to receive an incentive when selling below market interest rate mortgage loans made to households with income less than or equal to 80% of the area median income.
Benefits include:
- Borrower receives a lower fixed interest rate.
- Lower rate means a lower monthly payment and reduced monthly debt.
- Allows borrowers to be in a stronger financial position.
- Makes home purchases more affordable for lower income households.
- No additional liens required.
- Member receives a monetary incentive to offset the loan price.
- Allows members to better serve their customers.
Program Qualification details:
- Borrower household income must be 80% or less of area median income.
- Interest rate must be below current market rates.
- Restricted to Indiana and Michigan properties only.
- Cash-out loans are not eligible.
- Incentive limited to $10,000 per loan, with $1 million in funds available.
The webinar will review the additional details regarding the Rate Advantage Program and overview the changes in LAS that will allow sellers to select participation in the program.
Official launch date of the Rate Advantage Program expected in August.
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