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97% LTV Purchase Down to a 620 Fico Score
As you may or may not be aware, Fannie Mae and Freddie Mac recently decreased their down payment requirements on a home purchase from 5% to 3%. This rule change affects all Conventional Loans.
Now, all Conventional loans submitted to Fannie or Freddie only require a minimum 3% 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, payoff the mortgage or sell the home.
We are pleased to be able to offer our clients a fantastic alternative to FHA Financing. We have a loan program that allows borrowers to put as little as 3% Down Payment WITH NO PMI! This is a program that many of our lenders are offering and comes with Very Competitive Interest Rates. This loan requires a 620 Fico Score for All Borrowers
At E Mortgage Management, we are always looking for ways to help our clients with the best possible loans ... more
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