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FHA Alternative

 

We are proud to introduce a new program that gives borrowers the best of both worlds without the red tape and hassle of FHA loans:

 

Low rates & down payment with NO UPFRONT and NO MONTHLY Mortgage Insurance!

 

General Guidelines:

SFR -- 95% LTV to $417,000

SFR -- 90% LTV to $625,500

Condos -- 95% LTV to $417,000

No FHA Condo approval needed

680 min FICO Score

45% max DTI

 

 

Example:

Loan Type

FHA

FHA ALT

 

 

 

Sales Price

$400,000

$400,000

% Down

3.50%

5.00%

Loan Amount

$392,755*

$380,000

Term

30 years

30 years

Rate

3.875%***

4.500%***

APR

5.772%***

4.695%***

 

 

 

First Loan P&I

$1,846

$1,925

PMI

$434**

$0

Taxes

$416

$416

Hazard Ins.

$114

$114

Total Payment

$2,810

$2,455

 

* reflects 1.75% up front mortgage insurance required for all FHA loans

** as of June 3, 2013, MIP is now mandatory for the life of the loan

*** rates subject to change