true 100% financing. $0 money at closing

..and NO mortgage insurance
It’s the real deal.  This is the best loan I’ve found since USDA or VA.  USDA and VA are 100% programs with NO mortgage insurance, BUT with USDA your property must be eligible, by being in a ‘rural’ area.  With VA you must be or have been in the military and have your VA certificate.

With THIS no money down loan, you must make under $84,880 in Montgomery County.  You do not have to be a first time buyer though.  I can’t begin to tell you how big of a deal this is…  My buddy and I got so excited, here we are running through the sprinkler.

So.. what would it cost me to buy a $290,000 townhome in Germantown?
$289,999  sales price
$0               down payment
$8,699       help to cover your closing costs
$0              amount needed at closing (plus $500)

$1,580       principal & interest based on 5.125%
$303          property taxes
$70            homeowner’s insurance
$0 mortgage insurance
$1,953      total est. monthly payment

This is a true 100 percent financing program.  Most important for qualifying is that you have at least 660 credit scores, preferably much stronger.  You do NOT need to be a first time home buyer… You must put a minimum of $500 into the transaction.

In above scenario you have up to 3% that this program will allow you to get from the Seller as closing help.  It is common to get up to 3% closing help.  This is something we ask for from the Seller in your offer, so you won’t have to come up with these closing costs.  $8,699 should cover all closing costs AND escrows for taxes/insurance AND prepaid interest.

If you did the above scenario with an FHA loan, your payment would look like this;
$282,700  loan amount (3.5% down payment PLUS 1.0% upfront mortgage insurance)
$1,497      principal & interest based on 4.875%
$303         property taxes
$70            homeowner’s insurance
$250 est. mortgage insurance (maybe higher)
$2,120 total est. FHA payment  PLUS you had to come up with $10,150 for the down payment
OR, how does that compare to this true 100% program:
$1,953 total est. payment and  $0 for down payment

You might be thinking “ok, what about the $500 I need to have?”.  With any contract, we will give an Earnest Money Deposit check upfront.  Typically 1%, but it counts towards your proceeds.  If you give $2,900 upfront you’ll actually get back $2,400 at closing in this scenario.

Contact me and let’s make an appointment..
BJ Matson
CALL or TEXT  301-257-1270

Speak Your Mind