As you may or may not be aware, Fannie Mae and Freddie Mac recently increased their down payment requirements on a home purchase from 3% to 5%. This rule change affects all Conventional Loans.
Now, all Conventional loans submitted to Fannie or Freddie must have a minimum 5% down payment. You can still obtain an FHA loan with a 3.5% down payment; however, the monthly MIP (Mortgage Insurance Premium) on an FHA loan is very expensive and can have a significant impact on your overall monthly payment and the purchase price of your home. In addition, the MIP on an FHA loan will never come off unless you refinance into a conventional loan or sell the home.
We are pleased to be able to offer our clients a fantastic alternative to this situation. We have a loan program that allows borrowers to put as little as 3% Down Payment WITH NO PMI! This is a portfolio program that one of our many lenders is offering and comes with Very Competitive Interest Rates. This loan requires a 680 Fico Score for All Borrowers
At Bay to Bay Lending, we are always looking for ways to help our clients with the best possible loans at the best possible terms in order to achieve their dreams of home ownership.
Jason Hands is a Mortgage Loan Originator at Bay to Bay Lending in Tampa, Florida who has over 15 years of lending experience. He has been successful in helping thousands of his clients with their financing needs. He believes that accessibility and communication are the most important areas to be concerned with and he can be reached day, night or on weekends to answer any questions you may have.
Please click on my personal website for more information http://www.mortgagestampa.org or contact me @ 813-489-5689 for more information or to assist you in getting started on your home purchase.
Jason R Hands
Bay to Bay Lending, LLC
501 S Dakota Avenue, Suite 2
Tampa, FL 33606
813-489-5689 - Direct
813-385-1109 - Mobile
866-216-6322 - Fax
www.mortgagestampa.org
NMLS Originator ID: 214834 FL # LO562
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