Did you know that a first-time homebuyer is an individual who meets any of the following criteria:
- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
- A single parent who has only owned with a former spouse while married.
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure. 1
A red door means mortgage-free. Some mortgage facts are just plain fun. For example, in Scotland, people paint the front door of their house red once they’ve finally paid off the mortgage.
According to the National Association of Realtors, 88 percent of homebuyers take out a mortgage to pay for their home.
Pre-Depression mortgages featured variable interest rates and were usually negotiated every year. 2
MEP was founded in 2009 at the height of the real estate market crash!
In 2019, MEP celebrated its tenth anniversary!
Our Management team has over 100 years of combined mortgage experience!
The average Mortgage Equity Partners employee has 18 years of mortgage banking experience.
We are one of the only firms of our size with an in-house compliance attorney ensuring we need all regulatory processes.
Our loan officers, on average, are members of at least two real estate associations.
All of the members of the executive management team have been or are loan officers.
Sources:
1 HUD HOC Reference Guide
2 mortgagecalculator.net
