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New 1.5% FHA Down Payment Loan

One of the biggest challenges to new homebuyers is often coming up with the down payment. The FHA down payment loan is one of the most popular mortgage programs for 1st-time buyers because it features a minimum of 3.5% down payment requirement and can be more attractive for buyers that may not have perfect credit. This program even allows for gift funds to be used for part or all of the down payment.

A Gift To You

As of 2/7/18, there is a lender that is now offering a gift at the Closing for 2% of the minimum 3.5% down to home buyers making it possible for a qualified client to purchase a home with only 1.5% down. This program will feature a rate that is typically a little higher than their Standard FHA with no down payment gift for about what people are paying for a rental deposit and rental so that they can buy a home.

Here’s an example based on what was offered on 2/7/18 with a 680 credit score:

Interest Rate 5.125% 30 Yr Fixed APR 6.389%
Purchase Price $210,000
Base Loan Amount $202,650
Closing Costs $3,781
Prepaid Escrows $3,093
Total $6,874

Seller Credit To Buyer Fees $6,800
Lender Gift $4,200
ESTIMATED DUE AT CLOSING $3,224
Base Loan Amount $202,650
Financed MIP $3,546
Actual Loan Amount $206,196

SCHEDULED PAYMENT
First Mortgage (P & I) 1,122.71
Home Owners Insurance 50.00
Real Estate Taxes 191.67
Mortgage Insurance 143.54
Home Owners Dues 0.00
TOTAL PAYMENT $1,507.92

Contact us Today

If this looks like something you have been waiting for, contact our office and we will get you going. This is a great opportunity for getting into your first home.