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