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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 $499,330.
3% or $14,890 as down payment (all of which can be gifted).
Loan amount is $484,350.
Conventional HomeReady 30 Year Fixed at 4.25% (APR 4.895% as of 4/24/19).
Joe's monthly Principal + Interest (P&I) payment is $2,382.71.
His monthly Mortgage Insurance(MI) factor is 0.46 or $185.67.
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?
Posted in:
HomeReady, HomePossible, first time home buyers,
and tagged:
first time home buyers
HomeReady
HomePossible
Posted by Sam Kader on July 27th, 2018 6:04 PM
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