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First Time Homebuyers

July 27th, 2018 6:04 PM by Sam Kader

Having sufficient down payment is one of the biggest obstacles for first-time homebuyers. Fannie Mae introduced HomeReady Program in 2015 specifically to address that problem. 

Example A - Joe Smith a single father working  with Amazon for 2 years earns $103,400 per year wants to buy a Single Family Home somewhere in King County.  Joe's FICO score is 740.

  • Purchase price of $702,105.
  • 5% or $35,105 as down payment. 
  • Loan amount is $667,000.
  • Conventional High Balance 30 Year Fixed at 4.625% (APR 4.848% as of 7/27/18).  
  • Joe's monthly Principal + Interest (P&I) payment is $3,429.31.
  • His monthly Mortgage Insurance(MI) factor is 0.36 or $200.10.
  • Joe will receive $525 credit towards appraisal fee. 
  • We can help Joe to close in less than 30 days. 
Does Joe sound like your prospect that we can help? I have highlighted the main points in the above scenario that I can do better than other lenders.

How can I assist you?  


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