We've got a great, new loan product that circumvents FHA and the higher mortgage insurance premiums! - 3% down payment for first time home buyers - (FHA requires 3.5% down payment)
- Only one of the borrowers on the loan will have to be a first time home buyer for the 97%.
- 1 unit properties, 30 year fixed only (not for condos)
- Down payment, closing costs AND reserves (2 mos. PITI) can come from GIFT FUNDS!
- Only one borrower has to have home buying counseling. It can be done online for free. http://homebuyers.mgic.com/ It takes about 5 minutes to get a certificate.
- Borrower's gross income cannot go over the Fannie Mae Area Median Income (AMI) for the county. For Brevard county it is $60,700
- Lower Mortgage Insurance rates than normal conventional (way lower than FHA)
- Pricing for interest rates is slightly higher than normal conventional rates but the Mortgage Insurance is quite a bit better than standard FHA Mortgage Insurance. The payment is almost always less than the payment of an FHA mortgage.
If you are a first time homebuyer and you are tired of renting, start looking at owning and call JoAnn Young today 321-243-4917 to find out if you can qualify for this new program.
