Low Down Payment Home Loan

By
Mortgage and Lending with University Lending Group NMLS# 133950

I am SO excited to tell you about this new low down payment home loan!  We are one of very few lenders in our area to roll out this new Fannie Mae loan program which features only 3% down.  This is a great product which is a huge alternative to FHA loans which have the really high mortgage insurance for the life of the loan.  There are 3 versions.  Straight 3% down purchase, My Community 3% down and a 97% refinance HARP-like loan.

Click on the picture to watch the video and learn more.

 

Click here to see the difference between FHA mortgage insurance and the new My Community Mortgage PMI.  

To qualify for the My Community Mortgage, there are maximum income limits. Here are the limits by county for South Eastern Michigan:

Washtenaw - $87,400

Wayne - $64,600

Oakland - $64,600

Livingston - $64,600

Monroe - $63,800

Lenawee - $57,400

Jackson - $56,400

 You can still do the 3% down program though even if your income exceeds these limits.

See Fannie Mae's website for more information

 

Give me a call if you have questions and tell everyone  you know about this great new low down payment home loan!

 

 

www.peggyloans.com

facebook.com/mimortgagepro

@mimortgagepro

http://www.zillow.com/profile/peggywilson3/

Posted by

Peggy Wilson

License #13950

734.238.3MTG (684)

peggy@peggyloans.com

Comments (10)

Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

Peggy, I'm glad to hear this program has taken effect. The lower down payment and lower PMI rate can only help the general public. 

Jan 09, 2015 02:08 AM
Peggy Wilson
University Lending Group - Ann Arbor Township, MI
Michigan Mortgage Pro

Frank, you are absolutely correct!  It's a fabulous program and I think I will do a lot of these loans.

Jan 12, 2015 09:25 PM
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