It’s time to step into your new home!
Today we want to talk down payments. Would you love to close out 2020 in a new home, but don't have 20% to put down? We’ve got good news! You may be closer to closing than you think! There are several loans available which only require 3.5% down or LESS! Read on to find out more!
This type of conventional loan only requires a down payment of 3%. You will need to have good credit and the home must be your primary residence. Monthly mortgage insurance is required.
Many think FHA loans are limited to first time buyers or low-income buyers, but its open for anyone to use who meets the requirements. You must be purchasing your primary residence and meet the credit score, DTI, and income requirements. Mortgage insurance is required.
If are serving or have served in the armed forces, you likely qualify for a VA loan. They offer excellent interest rates and do not require a down payment or mortgage insurance. There is a one-time VA funding fee which can be rolled into the loan (some veterans are exempt). Closing costs cannot be rolled into the loan, but a seller credit can help to offset this out of pocket expense.
This loan program was developed to encourage homeownership and economic development in rural areas, but many local areas still meet the USDA rural requirements. Key loan features include 0% down, reduced mortgage insurance premiums, and excellent interest rates – some of the lowest rates available. Closing costs can be rolled into the loan. The property must be your primary residence and your household income may not exceed 115% of the area’s median income ($86,000).
Which loan option is the perfect fit for your next home purchase?
Call Simplicity Mortgage today! We will analyze your specific purchase and financial details to determine which loan can help achieve your 2020 homeownership goals!
Simplicity Mortgage is a local mortgage broker company located on 411 Dunlawton Avenue in Port Orange.
We serve borrowers looking for loans in Volusia, Flagler, Orange, Duval counties, Palm Coast, Ormond Beach, Ormond by the Sea, Daytona Beach, Daytona Beach Shores, Port Orange, Ponce Inlet, New Smyrna Beach, Orlando, Jacksonville and surrounding areas.
Simplicity has a portfolio of over 20 lenders, which allow us to find the best home loan product for a borrowers unique purchasing scenario. Our mission is to provide a simple and smooth customer experience coupled with an excellent rate and low fees. We are your accessible, single point of contact throughout the process. We offer a full suite of loan products: Conventional, VA loan, FHA loan, USDA, Jumbo, Non Qualified Mortgage (non-QM), Self Employed, 1099, first time home buyer, investment, and secondary property purchases. We have excellent options for your refinance as well, IRRRL, Home Equity Loan, Streamline Refinance, Cash Out, Rate and Term.
Give us a call today to discuss current mortgage rates. We will utilize our mortgage calculator to assess the mortgage payment with various mortgage rates for your home loan to help you determine the best financial fit for your purchase.