Arizona vacation homes with 10% down

By
Mortgage and Lending with Fairway Independent Mortgage Corp LO -0914688 NMLS#221295

 

With interest rates so low many of my clients are wanting to keep their money in the bank to grow. I often will show my clients a 10% down option on their Arizona vacation home. This product does have mortgage insurance since the 20% down is not met. You will see on the chart below on a $100,000 mortgage the monthly fee is $52.50 but if you do the one-time fee of $2,330 there will be no monthly fee. If the client keeps the home for 5 years this is a savings of $820.

 

To qualify for this great product you must have a 680 credit score and have a debt to income ratio below 41%. For more questions on this and many other creative ways to meet your home ownership goals call us anytime.

 

Monthly Premium MI - Nonrefundable

  Single Premium MI – Nonrefundable

Premium Payment Type

BPMI

BPMI

     

Base Loan Amount

$100,000

$100,000

Loan Term (years)

30

30

Upfront MI Rate

0.0000

0.0233

Upfront MI Premium

$0.00

$2,330.00

Total Loan Amount

$100,000

$100,000

Monthly MI Rate

0.0063

0.0000

Monthly MI Premium

$52.50

$0.00

     

Total MI Payment over 5 Years

$3,150.00

$2,330.00

 

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