FAQ - What's the Right Loan for you?

OVER 20% DOWN

This is the ideal downpayment to have.Mainly you'll avoid P.M.I. (private mortgage insurance).This downpayment can be a gift from a relative, employer,or your religious organization.

10% DOWN PAYMENT WITH NO P.M.I.

With 10% down payment you do need to carry P.M.I. but there is a way to avoid it. What you can do is a first mortgage at 80% of the purchase price, a second mortgage for 10% of the purchase price together with 10% down payment you'll avoid P.M.I. the real savings will arrive when you do your taxes the second mortgage you'll be paying is made up of principle and interest on that the interest is tax deductible, P.M.I.is not tax deductible, P.M.I. is not tax deductible.

5% DOWN PAYMENT

This would be the minimum down payment required for a conventional loan. This money would have to be your own savings, that means we would have to see bank statements for the last 3 months showing that money in your account or a savings history. A bonus or a law settlement or even an inheritance are all acceptable money or a downpayment with the proper documentation. No gift/money would be allowed as part of the 5% down. Also, you have the ability to do a 80% first and 15% second mortgage to avoid P.M.I.

3% DOWN PAYMENT

This would be an F.H.A. (federal housing authority) loan. The government backs the loan so there is more paper work required but the features of this loan can be very useful to some. One main advantage is the entire 3% down payment can be a gift. The required credit scores can be approved below the conventioional score of 620, with proper explanation and documentation. The F.H. A. will also approve borrowers with higher ratio's other advantages with these loans would be nonoccupant coo-borrowers can qualify together using combined income, on multi families 93% of rental income is used in determining ratio's (75% on conventional loans)

NO MONEY DOWN

We do have no money down programs that you can actually finance up to 3% of the closing costs and points and borrow 103% of the purchase price. Excellent credit is requried and the monthly P.M.I is higher.