1% Down Payment Program
 

Here is a really great low down payment program with a great low interest rate and lender paid mortgage insurance. This is a Fannie Mae "Home Ready" or Freddie Mac "Home Possible Advantage" loan program with a twist. This is a Qualified Mortgage, which has a big difference. It has a 2% (up to $5,000) lender equity boost grant toward the down payment at the close of escrow. That's right just 1% down payment and you have 3% equity ownership in your new home!. Low rate and APR, 30 year term, with fixed or adjustable rates. Please note: All and any rates, terms and program can change without notice. Any rate quoted on this website were acturate a time of first pulblication, however rates have changed and the examples are only meant for educational purposes concerning the 1% down program. For current rates on this any other exciting, inovative programs call Jaren and he will provide you with the lowest rate you quality for. He can find, and suggest the best program that fits your precise needs.

Is there a catch with 1% down? Yes, some income restriction apply. The 1% down program has restrictions including FICO score and if your home address and income qualify under Census Tract requirements.

If you qualify you just need a 1% down payment, closing costs, at least a 740 FICO score and 50% DTI ratio on DU approval. The lender pays the 2% Grant, and available Lender Paid Mortgage Insurance saves you thousands of dollars (compared to FHA Loan's MI, and requires a 3.5% in down payment). Also, to my knowledge NO OTHER Home Ready/Home Advantage lender OFFERS this program! Some income & 740+ FICO restrictions apply to this program, so not everyone qualifies.

Call TODAY to get qualified: 510.215.1743


Home Possible with just 1% Down Payment with 2% Equity Boost Up To $5000 from the lender at close of escrow.

Some income limitations apply to the 1% down program, but not with the 3% down Home Possible or Home Ready. A $525.00 credit back at closing toward the appraisal fees on the Home Possible & Home Ready loan Progragms!

  LOW RATE & APR*, 30 Year Term and Fixed Rate, which is subject to change until locked!

*Rates are subject to change without notice, they float until locked! Call for current rates & APR on this exciting program, Some income restrictions apply to this program.

You don't need 20% down! Here is a Qualifed Mortgage for home buyers with good credit. This special program is my lender's take on the "Home Possible Advantage" (Freddie Mac) and "Home Ready" (Fannie Mae) programs, requiring 97% loan-to-value or 3% down. My specific lender, takes this program a step further with an "equity boost" from the lender. With this "equity boost" of 2% (up to $5,000) to be combine with your down payment for these 97% loan programs. As little as 1% down payment to be paid by the borrower. Yes, I did say 1% down! Leaving the home buyer with 3% equity at close of escrow. All combined with great low rates and a fast closing (low rate & APR on 30 year, and a fixed term, which is subject to change). You need to know this is an exclusive 1% down program, may not be available from other lenders. I have it as a Freddie Mac Home Ready program for my well qualified borrowers. You can contact me at: 510.215.1743. Click here to contact me directly to learn more. The current low rates make this a real mortgage bargain, plus you can close in just 30 days or less. FHA typically can take 45, even 60 days, and only goes down to 3.5% down payment and FHA carries higher mortgage insurance costs! ALL Interest rates change without notice, and terms can be fixed or adjustable based on borrower's choice. We also have lender paid MI available for some non-FHA loans is some of the cheapest in the country..

*Rates foat until locked. Call for current rates on this program, or other programs you might be interested in. This and all lender programs are subject to change at the lender's discration and without notice.

This is a terrific deal call or email me today to see if you qualify! Get qualified or apply online in a Blink! Take advantage of our exclusive no income limit on several counties and only 3% down! Plus a Credit Back of $525.00 at closing toward appraisal fees!

It is Fast, Safe and Secure!

For Educational Purposes Let's Compare FHA & the 1% program!

Let's look at the SAVINGS in real dollars by comparing a 3.5% down payment FHA Home Loan and our Fannie Mae Home Possible Advantage, 1% down and 2% lender boost with a low interest rate. For a Home Advantage $315,250, 30 year Fixed Rate Loan at 4.125% (APR 4.294%) and 97% loan-to-value (LTV) $1,527.86 with 2% paid by lender at closing. Expect a different interest rate depending on rate on the day your loan is locked, rates float until they are locked. Use this as an example only.

The FHA rate of 3.375% (APR 3.544%), again these are examples for educational purposes only and your interest will be differenrt either higher or lower. Based on 30 year term, fixed rate and expect rates to change dailey. The Fed. is raising rates so expect the trend of rates to increase.

The principal and interest payment does not include taxes or hazard insurance preimums will result in actual higher monthly payment and will vary with each loan, and the taxes applicable in your community.

Call 510.215.1743 and find out if you qualify or e-mail just Click Here and Jaren will contact you ASAP!

 

 

 


DISCLOSURES: Comparison of rates and programs listed here are subject to change without notice and are meant ONLY as examples for program comparison purposes. They should NOT be considered an offer to lend or a solicitation to borrow and are for educational purposes ONLY. They are based on 30 year term, with a fixed rate for each type of mortgage. Other term durations, whether fixed or adjustable, and today's rates are available on request. Please know INTEREST RATES change without notice until locked and your rate will probably be different. The rates shown were available when this information was first published, they are higher now due to rate changes. Your rate will be based on the available rate on the day the loan is locked with the term, type of loan you select and you are qualified to receive. Which is based on your credit history, income, assets and documentation. A full set of all required disclosures outlining all costs, interest rate/APR, loan program details, terms of the loan and your rights as borrower will be provided. Discloures are provided after an application is taken, you are approved for the loan, and until the close of the loan at escrow, as detailed by state and federal laws and regulations. It is important to read and understand those discloures fully. If you do not understand them, please call Jaren Dahlstrom, your CA Mortgage Advisor. He will be happy to explain anything you do not understand.

 

 

 

 

 

 



 

 

 


 

 

To talk to your personal CA Mortgage Advisor, your expert for home mortgages, click on the link above for theContact Form or call the number to the right to have your questions answered, click on the red button to get qualified, or need help with your Online Application call the phone number.

 

 

What You Need to Qualify for HomeReady 3% or 1% Down from Fannie Mae
> Fixed Rae: 15, 20, 25 and 30-year

> Credit Scores as low as 620, 680, and for 1% down 740+

> Purchase and Limited Cash-out refinance on Primary Residences

> Income Limits apply and vary by Census Tract

> Non-occpant borrowers permitted to 95% LTV

> Homeownership Education required

> Decreased MI rates apply to greater than 90% LTV

> Lender Paid MI available

Plus upto $525 Lender Credit Back at closing toward appraisal fees!

FHA Vs. Home Ready Conventional Home Loan!

 

A homebuyer wants to makes an offer on a house and he can go with FHA loan with 3.5% down, or the Home Possible Advantage 3% down from my lender, which way should he/she go? I have a lender who will provide an "equity boost" of 2% of the loan amount up to $5,000. Typically FHA has a lower rate, but has other costs to consider. I can offer both loans, however, I am on your side, here are the facts! You can decide which is best for you!

Fannie Mae's "Home Possible Advantage" has a 3% total down payment, our lender is providing 2% lender equity boost to a maximum of $5,000, but at least 1% is paid by the borrower, and lender paid mortgage insurance is also available. I am not aware if our "EquityBoost" is available from other banks or other mortgage lenders. However, I have it, and only one of my many lenders offer this program. With our example the maximum boost to help with the 3% down payment is $5,000. The borrower needs just $4,750 in down payment to make the total down payment required of $9,750 for the 3% of $325,000 purchase price. Plus the lender will credit upto $525 toward appraisal fees!

The FHA 3.5% down is a half percent higher, borrower pays the mortgage insurance is a BIG cost on a monthly basis (1.00% of the loan amount, divided 12 months) and the upfront MI is 1.75% of the loan amount, that is a lot of money. No "Equity Boost" available with FHA.

With a Home Advantage loan, I would suggest, opting for the available lender paid MI. Lender paid Mortgage Insurance does carries a little higher rate. However, generally the lender paid MI is less expensive overall than borrow paid MI. Please understand mortgage insurance is required for all mortgages with less than a 20% down payment. Which loan program makes more sense? Let's do the math! Which one do you want?


Let's Do The Math!

This comparison of FHA and the 1% Down Payment Program is for educational purposes ONLY! The comparison were accurate based on the programs and the rates available on the day this comparison was created and based Trump's increase in FHA's 2017 mortgage insurance costs. Programs, terms & rates change without notice. Please see & read the disclosures to the left. Please use the examples shown here for comparison only. Since there is a fairly consistent rate of differnce betwen the FHA & the Conventional rates outline here and the results should be valid whether overall rates are higher or lower. Call for a today's actual rates and a current comparison, betwen FHA and Home Ready or Home Possible based on your specific situation and loan amount. Adjustable and fixed rate mortgage are also available with these programs.

 

 


FHA Program, 30 year fixed rate with a 3.5% down.**


Purchase price: $325,000.

Loan Amoun $313,625

Down Payment from borrower: $11,375 (3.5%)

Interest Rate: 3.375% (APR 3.544%) 30 year term and fixed rate.

Upfront Mortgage Insurance: $5,516.88 (either paid in cash or added to the loan)

Monthly Mortgagte Insurance: $261.35 (borrower paid at 1.00%)

(paid with your loan to the lender)

Payment principal & interest: $1,384.26 (this payment includes the upfront MI added into the loan amount: $319.113.44)

Add FHA Mo. Mortgage Insurance: $265.92

Total payment: $1,650.18 PrincipIe, Interest & MI, plus taxes and hazard insurance not reflected in P&I payment.

Plus you Paid Out cash an Additional $6,625 in down payment!

FHA costs more in down payment, upfront & monthly mortgage insurance and the total monthly payment is higher by $122 with loan payment and MI. That is $1,464 in a year, $14,640 in10 years, and $43,930 in 30 years. The borrower also does not get $5,000 in free equity boost from the lender. Pushing the FHA costs over $48,930 more than the conventional home loan.

No appraisal credit back at closing for FHA and other non Home Possible or Home Ready mortgage loans! That would have put upto $525.00 in your pocket at the close of escrow to repay you for the appraisal fees!

3% Fannie Mae, Home Possible Advantage* with our 1% Down Payment Program 2% Equity Boost**, 30 year term fix rate loan.
*As of October 1, 2017 this program changed to Fannie Mae's Home Ready.

**Some income restrictions apply to 1% program. FICO and address restictions base on census tract also may apply. They are based on requirements determined by Fannie and Freddie and the lender. The maximum Equity Boost is upto $5,000 based on loan amount. This program is designed for low to mid-income borrowers.


Purchase price: $325,000.

Loan Amount: $315,250.00

Total Down Payment: $9,750 (3%)**

Grant from Lender 2%: $5,000 MaxGift!

Borrowers 1%+ down payment: $4,750

Interest rate: 4.125% (APR 4.294%) 30 year term and fixed rate suject to change.

Mortgage Insurance: 0.00 (lender paid)

Total Payment: $1,527.86 per month plus taxes and hazard insurance not in payment.

What did this cost you: just $4,750 down payment and closing costs.


FHA costs $122.32 per month MORE in payment, and also adds $5,516.99 (1.75%) to the mortgage amount or out of pocket expenses in up-front mortgage insurance. Plus you don't get the Equity Boost of $5,000.00. Just compare the down payment of $11,375 costs from FHA. While the 1%+ down program requires ONLY $4,750.00 in down payment. You are thosands of dollars ahead!!!

1%+ Down Payment Equity Boost Program Saves $6,625.00 IN DOWN PAYMENT compared to FHA, mortgage insurance is higher at $265.82 per month!

You get $5,000 FREE Equity, giving you a total $9,750 equity in your home at closing!!! If you buy a more expensive home you have more equity and save more! Plus upto $525 in a lemder paid credit back at closing toward apprisal costs.

Rates, terms, and programs change without notice. Rates and payment amounts, will be different based on the day a loan is locked and the individual borrowers credit history, assets and income.

 

 


 Your Choice Is Clear!

If you have at least a 680 FIC0 score and approved by DU for up to debt-to-income ratio of 50 (DU or LP approved) and no MI! (lender paid) With just a 620+ FICO you can get this loan without the equity boost, 3% down and lender paid MI is also available. Equity boost has some restrictions, that the 3% down payment does not.

The FHA loan can go as low as a FICO 500, but most lenders require a 580+ FICO Score. However, FHA Mortgage Insurance usually comes at a higher cost! (click to see how much)

Jaren can run a what-if program using a scenario that fits your borrowing profile, purchase or refinance with your purchase or refinance amount and provide the cost of MI, loan payment and a interest rate as if we locked today with Today's prevailing rates you could qualify for! Also, run a 10page evaluation that you want to buy or refinance. It is not appraisal, but it is wht lenders use to determine a fairly acturate value. Call or Email or click on any of Get Qualified in a Blink, red buttons! It is all part of our exceptional service!

**Please Note: Again, these examples are for educational purposes only. All interest rates & APRs, terms and loan programs are subject to change without notice. The rates are higher now then when we first published these programs. Your rate will be different. All loan program Interest Rates float until locked. Rates change dailey, terms and programs can only be deteremined after careful consideration of a borrower's credit history, income and assets. Again rates quoted here were available on the day they were first published and probably not available today. This comparison is neither an offer to lend nor a solicitation to borrow, and is presented for educational purposes ONLY. They are provided in order for the borrowing public can understand their options more fully.


Call 510.215.1743 and find out if you qualify or e-mail just Click Here and Jaren will contact you ASAP!



It is Fast, Safe and Secure!

 

Or Call Today For Questions or Information. Even Faster Service click "In a Blink" above.

510.215.1743

 

 

 

 

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 Copyright 2016 Jaren Dahlstrom, All Rights Reserved -- Jaren Dahlstrom, Loan Officer, CA BRE 01358563, NMLS 237999 -- United Lendinging Partners/United Realty Partners BRE #02012818, NMLS #1525816