Washtenaw Mortgage Company Introduces Buyer-Friendly Mortgages

Washtenaw Mortgage Company Introduces Buyer-Friendly Mortgages



ANN ARBOR, Mich., May 31  /PRNewswire-FirstCall/ -- Which is more painful? Root
canal or mortgage application?  Some people would pick the root canal.
Especially "Alt A" mortgage applicants who have neither the patience nor
inclination to search for personal paperwork or complete stacks of application
papers.  "Alt As," as the mortgage industry terms them, are homebuyers who
don't fit the typical homebuyer mold.  This includes a broad range of
individuals from legal aliens, to the self-employed, to physicians and lawyers.

Washtenaw Mortgage Company's new Blue Ribbon Plus mortgages make the mold fit
the buyer.

Blue Ribbon Plus mortgages eliminate much of the documentation and most of the
paper hurdles of traditional mortgage lending.  For example, Washtenaw offers
mortgages that don't require employment or income verification -- bothersome
requirements under traditional mortgages for self-employed individuals or
individuals whose livelihood depends on seasonal sales or commissions.

Washtenaw Mortgage can also approve mortgages when buyers' personal assets
aren't verifiable or leveraged through investments, real estate or otherwise.
The new rules also apply to investment properties and second homes, a boon to
homeowners looking for a way to buy a vacation home before prices skyrocket
further.  Loan amounts typically range up to $650,000.

Blue Ribbon Plus mortgages also ease eligibility requirements.  This enables
people to qualify for mortgages with smaller down payments and lower credit
scores.

Washtenaw Mortgage Company, which launched 40-year mortgages earlier this
month, also offers traditional loans, such as 30-year fixed rate, its new 40-
year fixed rate, and the new flexible loans, such as interest-only loans and 3-
to 5-year interest-only ARMs.  For information or to apply, call Billi Clair at
800-765-5562, or apply online 24 X 7 at http://www.washtenawmortgage.com/ .
Washtenaw is an industry leader in online mortgage processing.

Washtenaw Mortgage Company, the wholly owned subsidiary of The Washtenaw Group,
Inc. (AMEX:TWH), is one of the nation's leading wholesale mortgage companies. 
It originates, acquires, sells and services mortgage loans.  The Company is
headquartered in Ann Arbor, Michigan, and conducts business through some 2,000
mortgage brokers in approximately 40 states. 

DATASOURCE: Washtenaw Mortgage Company



CONTACT:  Joel Abramson of Washtenaw Mortgage Company, [phone];

Howard Nathan of The Washtenaw Group, [phone]; or Mike Marcotte of

Marcotte Financial Relations, [phone], for Washtenaw Mortgage Company



Web site: http://www.washtenawmortgage.com/ 

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