Allied Home Mortgage Capital Corporation

ALLIED EXCLUSIVE

Because of Allied's size and lending structure we have the capability to do things that other mortgage companies can't. We can offer unconventional programs that make the impossible possible, like 'Loan Possible'. Potential buyers previously turned down due to less than perfect credit now have another option...one that not many companies offer.

NO FICO REQUIREMENT = Loan Possible

• No Fico Requirement
  • Can have low fico's
  • Can have no fico's
• True Manual Underwrite - Does the loan make sense?
  • Would you lend this person money?
  • Low fico but big down payment
  • No credit - Good job stability - sizeable gifted down payment
  • 550 credit - medical collections - stable job - good income 10% down payment
• Can we do them all?
  • NO!
• Will we tell you the truth?
  • YES!
• I know you are thinking of certain buyers that could not qualify but were "good" borrowers - we will do loans that make sense.

Homeowner Education and Loan Protection

• Trust Relationship From Day 1 - The Foundation builds a relationship with the homeowner prior to closing on the home that will continue for the initial 2 years of homeownership.
• Communication and Education - Provides sound financial education and points of contact to access if a life event should arise (homeowners become proactive in seeking appropriate assistance)
• Mortgage Protection Program - Pays up to 6 months of mortgage payments ($1,800 per month PITI)
• Rainy Day Program - Assists with all other financial difficulty challenges (financial safety net)

Contact Us For More Information!

Allied Home Mortgage Capital Corporation
647 Oaklawn Avenue
Cranston, RI 029
F. 401.490.714720
www.MyAlliedFamily.com

There Is Still Hope for USDA Affordable Funding

On Thursday April 22nd, the House Financial Services Committee unanimously passed H.R. 5017, the Rural Housing Preservation and Stabilization Act of 2010, introduced by Congressman Paul E. Kanjorski (D-PA). This action clears the bill for consideration by the U.S. House of Representatives, which is expected to take up the bill as early as next week. The bill ensures the continued access of rural homebuyers to affordable mortgages through the U.S. Department of Agriculture's (USDA) loan guarantee program. Because demand continues to grow, the program will exhaust its federal funding within days. H.R. 5017 would, at no cost to the taxpayers, solve this problem by making the program self funded, enabling families living in rural communities to continue to access these much needed loan guarantees.

"Since its creation in 1987, USDA's affordable rural home loan guarantee program has helped hundreds of thousands of families to realize the American dream of homeownership. As a result of the unprecedented demand, the program is now unfortunately running out of money," said Chairman Kanjorski.

Chairman Kanjorski's legislation will correct the Section 502 Single Family Housing Guaranteed Loan Program funding shortfall by enabling the program to pay for itself, rather than relying on federal funding. In order to pay for the program, lenders will pay up to a 4 percent fee on new home mortgages. As a result of these changes, financing of the program will move from a combination of government funding and industry fees to a self-sustaining initiative.

The USDA's Rural Housing Service manages the Section 502 program, which provides a vital source of mortgage credit for people living in rural communities. Low- and moderate-income individuals and families in rural communities often have fewer mortgage credit options than those households in urban areas. The program aims to fill that void and lower the costs of homeownership by giving rural areas access to a home loan guarantee program. These guarantees decrease the exposure of home lenders to defaults so that they will underwrite more mortgages.

(House Financial Services Committee. KANJORSKI BILL PRESERVING AFFORDABLE MORTGAGES IN AMERICA'S HEARTLAND PASSES IN COMMITTEE. Press Release. Democratic Staff, 22 Apr. 2010. Web. 26 Apr. 2010.)

To View the Full Publication Click the Link Below

KANJORSKI BILL PRESERVING AFFORDABLE MORTGAGES IN AMERICA'S HEARTLAND PASSES IN COMMITTEE