Great News for Renters!
Those of you who have good credit (mid FICO score of 700 or more), but don’t have much money, are now eligible for a *New Freddie-Mac approved 1% Required from Purchaser program. This means that you can simply use the security deposit your current landlord is holding in escrow for you when your lease runs out as your down-payment (ie: paying $1250/mo?, put it down on a 125k single family or condo), and the closing costs can even be covered in the form of a gift from a relative or a sales concession from the seller!
You are now renting, wanting to buy, don’t have the 3-5% down necessary for most loan programs BUT you do have good credit (mid FICO=>700). You are paying $1250/mo to rent now, and when the lease runs out your landlord will refund you back the minimum $1250 he probably asked for at the start for the security deposit and now has in escrow for you.
*The 1% Down Program w/NO PMI option:
Take the $1250 and put it down on a $125,000 property (SFR or Condo, in this example, a condo).
Here’s the 30yr fixed rate break-down…
Ins: 25.00 (300/yr)
Re Tax: 275.00 (3300/yr)
Total/mo: $1191.66… building equity!
And this program is available for loan amounts up to $424,100!
Sound like this program may be ‘right-up-your-alley’? Want to know even more?
Give us a call at (860)872-9479, text us at (860)836-8147 or e-mail us at firstname.lastname@example.org and get Pre-Qualified for this fantastic program to purchase a home and start building equity today!
At Global Unity Mortgage…your business means the world to us!!!
Owner occupied 1 unit properties only. Buyer must not have had any interest in any property in the past 3 years and cannot have any ownership interest in any other residential property at closing. Example is based on a purchase price of 125,000 and a loan amount of 121,250 with an APR of 5.269% on a 30 year fixed Conventional Loan program with no balloon payment or variable rate and a Middle FICO score = 700. Lender contributes 2% of purchase price as added down money to loan affording buyer a total of 3% equity in the property at closing. Upfront mortgage insurance is paid by lender and included in the APR. Lower APRs available for middle FICO scores over 700. Some areas of CT, though rare, may have certain qualifying income limitations. Many other programs available for non-qualifying individuals.
“MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR CORRESPONDENT LENDER”
Broker NMLS #65392, MLO NMLS #114499, CT. LIC.#19449