Get out the MMAP--Monthly Mortgage Assistance Program

By
Real Estate Agent with Lawton Associates / www.LawtonAssociates.com

I am wondering if anyone else here on AR has any experience with the MMAP program.  I recently attended the certification seminar and am working with several clients to implement it.  I've exchanged a few messages with Mike Mueller--one of the first to be certified for MMAP--here on AR, but I'm curious about other people's experiences, for better or worse. 

As we all know, one of the biggest hurdles that the average person faces when purchasing a home is how to finance such a large amount of money. Buying something for hundreds of thousands of dollars just seems unfathomable at first to many people.

The MMAP program--Monthly Mortgage Assistance Program--is one solution, and it can help reduce monthly mortgage payments anywhere from $250 to $1000 per month for up to two years. And, all it requires is a simple agreement between the buyer and the seller.

Basically, the seller agrees to set aside an agreed-upon amount of the purchase price into a trust account (via the MMAP grant program), which is then used to reduce the buyer's monthly mortgage payments anywhere from $250 to $1000 per month for up to 24 months.

Even better, it is reliable and astoundingly simple to arrange. For more information, visit the MMAP website or just drop me a line and let's talk about it.  I'd love to hear your experiences or questions.

 

Mary Smartt, Realtor

Lawton Associates

www.MarySmartt.com

My blog: Smartt Moves with Mary Smartt

MSmartt@jps.net

510-386-8636

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Rainmaker
424,571
Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

This sounds similar to a buy-down on a mortgage.  Wells Fargo offers a similar program.  Years ago, when the interest rates were 14% - 18% these were popular.  Seems like the old is becoming new again;)  More and more tools will be used to get that deal closed.  Good post Mary!

 Fran Rokicki, Clubnet~Mentor

I am never too busy for your referrals to CT!

 

 

Jul 29, 2007 09:51 AM #1
Rainer
29,049
Mary Smartt
Lawton Associates / www.LawtonAssociates.com - Berkeley, CA
Smartt Moves with Mary Smartt
Hi Frances--thank your for your comment.  Yes, these types of creative (but sound) financing solutions seem to be becoming more prevalent again.  What I like about MMAP is the simplicity of it.  AR vet Mike Mueller also just blogged about a new but similar program called BAMM.  You can read about it as his Mike's Minute blog.  Would love to hear about any great financing tips from CT!
Jul 30, 2007 12:35 PM #2
Rainmaker
307,410
Mike Mueller
Tech and Social Media Consultant - Walnut Creek, CA

Hey Mary -

I'm teaching a beginning blog class in Richmond today.

It would be wonderful to have you there.  You could talk about your experiences both here and on Blogger.

3220 Blume Drive. Suite 161 Richmond, 94806

Starts at  11:00

I'm sorry, with everything going on this week I forgot all about you!


 

 

Aug 03, 2007 10:21 AM #3
Rainmaker
68,771
Bob Prevelige
Zenith Mortgage Advisors - Hopkinton, MA
CMPS

Mary,

As has been noted before, this sounds like a fairly straight forward buydown situation.

I have offered them to clients, presented listing strategies to sellers, and also to real estate offices.  When applied with a good mortgage professional, these products will help you list and sell more homes, and make you seem more professional in the eyes of sellers.

I have presentations for both sellers and the "buying public" which I offer to all my realtor partners, as a "special financing arrangement" exclusively thru my company.  It creates a sense of value and also one of urgency, as we put expiration dates on them.

If you'd like more info, or to partner up, feel free to contact me.

 

Bob Prevelige

Aug 03, 2007 11:04 PM #4
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Rainer
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Mary Smartt

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