What ACORN Housing Can Offer First-Time Homebuyers
Previously, I had mentioned that I really like what ACORN did for my boyfriend and I. The financial benefits are amazing. We got our place with no money down, no PMI, and a 30-year-fixed at 6.012%. That’s pretty darn good considering the times and our resources.
ACORN is able to do this because they create relationships with lenders. When we went through the program, the best deals were with Bank of America. The banks are willing to extend more favorable terms because they know that the people who go through the program understand what they are taking on. Also, if the home buyer gets into trouble down the line, the bank will be able to turn the paperwork back over to ACORN so everyone can work on solutions. Contrary to popular belief, banks don’t like to foreclose. They would much rather get their money back–plus interest.
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