1 % Conventional Mortgage Loan Down Payment

Transcript

Hello everybody. We talked about mortgage insurance and how there’s been some drastic changes on this program. One of the other programs that came out recently was a 1% down Fannie Mae program, so that’s pretty cutting edge. What they’re trying to do is to get. The consumers who would normally go towards an FHA loan, and Fannie Mae wants that business.

There are some caveats. You cannot make more than 50% of your adjusted mean income in your area. You have to be a first time home buyer. And it’s the lower the berry of entry for first time home buyers. So, If you wanna do a 1% down program, gimme a call. We can go over that. There are also 3% down options for people that have higher income.

That is still subsidized by Fannie Mae, which lowers the mortgage insurance on a monthly basis. It lowers the low level price adjustments, which means you get better pricing even though you’re putting down a lower payment. This could really help you get into a home. Establish some equity, hopefully get some appreciation.

And use that for your next purchase. So give us a call about this, this new change. The 1% Down is a groundbreaking product. It’s brand new, just came out. Let us know if you want to get ahold of that. I could run your numbers, give you different scenarios. 1%, 3%, 5%, 10, 15 to 20% down payments. We can go over the mortgage insurance rates, the down payment rates, the monthlys, and see what fits your budget.

Best of luck and give us a call.