S3P™ & S5P™  Programs

The function of the S3P™  and the S5P™ programs are to increase the money supply in the community and improve local residential property values. This is accomplished primarily through accelerating residential mortgage payoffs, eliminating consumer debt, and/or improving certain community’s property values through home improvement projects. This program is in accordance with the guidelines decided by the second largest mortgage lending institution in the United States of America “Federal Home Loan Mortgage Corporation ™ ” other wise known as “Freddie Mac™”.

If qualified, homeowners can significantly reduce the costs of their home financing and increase enough cash flow to pay off the mortgage years earlier without having to increase their payments. The set 3 program will lock the mortgage interest rate using the investor’s lowest rate for a 36 month period. The set 5 program will lock the mortgage interest rate using investor’s lowest rate for a 60 month period. The payment is based on a 30 year amortization, but can be amortized through the HEMA™ program at any term. In the forth, or sixth, year the loan will convert to a variable rate based on a US Treasury Index plus a margin unless one of the following options are exercised.

1) The homeowner chooses to convert to a new S3P or S5P Program  option. The program will allow consumers to do this with no lender fees. Update fees, such as title and appraisal (if needed), may apply. This option is by far the most popular because this option may be exercised as many times as the consumer chooses.

2) The homeowner chooses to convert to a new 10, 15, 20 or 30 year fixed interest rate option. The program will allow consumers to do this with no lender fees. Update fees, such as title and appraisal (if needed) may apply.

The new interest rate will be determined at the time of restructuring based on our investor’s FHLMC preferred pricing matrix.

At all times the Consumer must meet or exceed the Tangible Benefit Policy to reset the loan terms. Some exceptions do apply.

The following criteria must be met to ensure eligibility for the S3P™ & S5P™.

-Consumer credit must be maintained at FHLMC standards.

-On time payment history for the mortgage. No 30 day late payments

-Property must meet or exceed FHLMC guidelines including property evaluation.

-Income must meet FHLMC guidelines. (This program does have a no income qualifying option to eligible homeowners)

-Any subordinate liens on title must meet FHLMC standards.

At any time in the duration of your program you may consult a program specialist for guidelines and criteria at (800) 461-4152 .

Residential Acceptance Network, Inc. is an Equal Housing Opportunity provider and a preferred member of the Urban Housing Assistance Program™.

Equal Housing Lender. © 2008 Residential Acceptance Network. All rights reserved.

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