Multistate mortgage lender Click n’ Close is now a preferred partner with The Mortgage Collaborative (TMC), a consortium dedicated to providing mortgage lenders with access to technology and mortgage banking resources.
As a result, TMC’s members will have access to SmartBuy, a proprietary suite of down payment assistance (DPA) loan programs offered by Click n’ Close designed to give homebuyers an advantage in today’s heightened mortgage interest rate environment.
The national program combines a USDA- or FHA-insured 30-year first mortgage with either a second lien that is fully forgivable after five years or a 10-year repayable second lien amortized up to 30 years.
The second lien funds available through both options meet agency minimum required investment guidelines and can be used by the borrower towards their down payment, closing costs, or to buy down the interest rate.
SmartBuy also has no income or first-time homebuyer restrictions.
“TMC is one of the preeminent cooperatives serving mortgage lenders in today’s market, and we are delighted to be part of its Preferred Partner network,” says Jeff Bode, founder and CEO of Click n’ Close, in a release. “SmartBuy is a competitive alternative to managing the myriad of state and local programs. SmartBuy has helped more than 6,000 borrowers become homeowners by extending more than $1.5 billion in DPA-related financing. We’re looking forward to expanding both these numbers through our partnership with TMC.”
“TMC is thrilled to have Click n’ Close as a preferred partner serving the growing needs of today’s mortgage lenders through its SmartBuy product suite,” adds Melissa Langdale, chief operating officer, The Mortgage Collaborative. “This partnership is a testament to TMC’s mission of providing its members with access to the most innovative and reliable solutions in the industry.”
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