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Three New Programs You Should Consider

These programs were specifically designed for those who don’t have 20% down for purchasing a house, currently own a house or investment property that you want to refinance but don’t have enough equity, or the house is considered “underwater”(When you owe more than the house is worth). These programs maybe just the solution, so give us a call anytime for more information.  Also stay tuned for two new low income home purchase programs coming soon..

Enhanced Private Mortgage Insurance Program (PMI):

This new program offers powerful qualifying tools for those who can’t afford 20% down on a home purchase. PMI makes more sense now more than ever as home prices and mortgage rates are at historic lows, so you can afford more with less down. We have rare Platinum status with our PMI partner and offer 4 different MI options. Here are some benefits.

  • Buy your dream home sooner with as little as 3% down of your own funds
  • PMI premiums are tax deductible
  • Flexible premium payment options are available- Split, Lender paid, and borrower paid
  • Monthly premiums as low as $50 based on loan amount and the best option for you
  • Premium payments are temporary unlike FHA programs – MI can be canceled once your home reaches 80% LTV(20% equity)

HomePath Loan Program:

HomePath is a program offered by Fannie Mae specifically designed to move REO (Real Estate Owned/Foreclosure) homes in Fannie’s portfolio. If you are in the market to purchase a home (primary, second, or investment) there are plenty of REO properties to choose from. Find HomePath eligible properties by visiting www.homepath.com

  • No PMI Insurance
  • No Appraisal
  • Down payments as low as 3% (own funds not gifted) and upto 3.5% credit for closing costs

Home Affordable Refinance Program (HARP):

The goal of this program is to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices. Let’s say your home is currently worth $300,000 and you owe $315,000 on your first mortgage. You can borrow up to $315,000 (105% of appraised Value) to repay and refinance your first loan. You can do this even if you have a second mortgage on the property.

  • 680 minimum FICO
  • Available for investment and second homes
  • Appraisal maybe waived (restrictions apply)
  • Max LTV 105% with no CLTV limits (Combined Loan To Value)

We appreciate the opportunity to work with you on your next refinance or home purchase transaction. Please pass this along if you think we can help any of your close friends or family.

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