1% Down No MI Purchase Loan
Keep More Money In Your Pocket!
1% Down No MI Purchase Loan Program
Less Down Payment means more savings for you and with No MI, your monthly payment is even Lower!
The 1% Down No MI Purchase Loan is our new affordable residential mortgage loans program that offers savings on Down Payment and there is No Monthly MI payment, period!
Eligible clients can put 1% down, and the mortgage loan lender grants the other 2%, providing all the benefits of a 3% down payment! Plus, eligible home loan lending clients don’t pay MI (Mortgage Insurance), which significantly decreases the monthly payment over the life of the loan.
Client Qualifications:
☆ Minimum FICO® Score of 620
☆ Must make less than or equal to 80% of the AMI (Area Median Income) for the subject property
☆ Minimum down payment of 1% required
☆ Maximum LTV of 97%
☆ Maximum loan amount of $350,000
☆ Does NOT have to be a First-time Homebuyer
Example of Down Payment Savings:
Sales price $360K @ 97% LTV = $349,200 loan amount X 2% (DPA Grant) = $6,984 Saved.
Example of MIP Savings:
Loan amount $349,200 X 1.75% UFMIP (FHA) = $6,111 Saved
No Monthly MIP Payment = Monthly Savings
Homeownership is even more affordable with Mortgage Loan Lending!