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.
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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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