James Buys A Home With 5% Down And Saves $10,000 Mortgage Service

Most Low Down Payment Home Loans Require The Buyer To Buy Mortgage Insurance

James Bought A House With Just 5% Down And No Mortgage Insurance

No Mortgage Insurance Saved James $10,000 At Closing

James was buying his first house.  He wanted to buy a house with a low down payment, and low interest rate.  James met with Vinnie Apostolico at McLean Mortgage for a loan prequalification appointment.  Vinnie was able to offer James a 5% down payment home loan with NO mortgage insurance fee up-front at closing, and no monthly mortgage insurance premium.

James and I set out to find a townhouse that would give James 3 bedrooms, 2.5+ baths, a garage, backing to trees, with the kitchen in the back, under $325,000.

We found lot of condo-townhouses that fit James' wish list, but the monthly condo fee was around $200.00, and that would suck-up James' buying power.

We found 2 neighborhoods where James and I found townhouses for sale under $310,000, with 1 and 2 car garages, that have over 2,100 square feet of living space.  However, there were no houses with the kitchen in the back of the townhouses.

We checked each new listing that came on the market in July, and on July 15, a newly listed house came on the market with a kitchen in the back, a deck off the kitchen, and a 2 car garage, listed at $310,000.  James jumped on that house with an offer to purchase.

When we made the offer, I explained to James the wisdom of asking for the seller to pay James' closing costs, instead of negotiating the price down.  

We offered the seller 305,000 and asked the seller to pay $10,000 toward James' closing costs.  I suspected that the seller would make a counter-offer at $310,000, and agree to pay the closing costs.  To my surprise, the seller accepted the offer as-written, with $5,000 off the price, and paying $10,000 toward James' closing costs.  

James bought the house with 5% down, the seller paid ALL of James' closing costs, and his monthly payment is less than $1,900 per month with NO monthly mortgege insurance premium.

If you know someone who wants to buy a home in Woodbridge, with a low down payment home loan, that does not charge mortgage insurance, contact me on my website, or text/call 703-677-1120.