Conventional purchase loans
Contrary to what many people have heard that you have to have 20% down, this is NOT true.
We offer mortgage loans to purchase a home with as low as 3% down payment.
Down payment as low as 3% down (97% LTV / Loan amount of the purchase price).
3% Down Payment – You cannot make more than the Maximum Income Guidelines permit.
5% down payment – up to 417,000 loan amount. – With & without mortgage insurance options.
Mortgage insurance is required on loans that have less than 20% down payment.
Loans that have no mortgage insurance with less than a 20% down payment (or LTV that is greater than 80%), the way there is no MI is by having a slightly higher interest rate. The bank is paying for the mortgage insurance by having a higher interest rate. So it’s a trade off, have MI by a monthly premium or pay a higher interest rate.
There are pro’s and cons to both scenarios. To know which way to go is best done by consulting with a licensed mortgage professional that knows how to price and determine all options and then present each scenario so the client can take the information to make a wise financial decision on what the best route is.
Ben was so great to work with on our refinance. He went above and beyond to make sure it was done right and that everything was in place. We would highly recommend him to anyone.
Ben worked with us when we were buying a home and I was particularly impressed with how quickly he always responded, even at odd hours. He was a pleasure to work with and we have already recommended him to friends.
Ben was courteous, professional, and knowledgeable. He had our best interest at heart through our entire home buying process and never pressured us. I would recommend him to anyone who is looking to buy or refinance a home.