Announcing the "Comeback Kid" ...
PMI!
(Private Mortgage Insurance)
In the good news department, it appears that the private mortgage insurance companies may be loosening up their guidelines and appear to be regaining a lost share of business that FHA has been enjoying.
Coupled with the higher monthly mortgage insurance costs associated with FHA loans now, and the "availability" of privately issued mortgage insurance, more Conventional loan scenarios are taking hold.
Of those options at 5% down, single premium (paid upfront at closing) is emerging from the pack. With the single premium upfront private mortgage insurance, borrowers pay a lump sum at closing as part of the total costs of their mortgage. This eliminates any monthly private mortgage insurance costs for the borrower, allowing them to qualify for a higher priced home and mortgage.
Even better, the Borrower does NOT necessarily have to pay for it themselves. Sellers can pay (if negotiated into the Sales Contract) and Lenders can also pay (usually by virtue of charging a higher interest rate or fees).
Even more importantly, the public is slowly learning that they don't need 20% down payment to purchase a home, that options DO exist at 3.5%, 10%, or 15% down.
Spread the word!!
* Discover your (or your clients') downpayment and/or private mortgage insurance options.
Contact me now. Together we will discover the mortgage options most advantageous for your home purchase and financial future.
I can be found through any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Email: gene@chicagobancorp.com
Website: http://www.genemundt.com
Click here 4 a: NO Cost NO Obligation Mortgage Obligation
Skype: 630.219.1316
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