Conforming Loans – 1%+ (5% DOWN NO PMI PURCHASE LOAN)

No PMI Purchase Loan:

Introducing our 95% Loan to Value, no PMI purchase money loan program. This program is designed to qualilfy home buyers for more financing than they would in any other program available.

With no rate adjustments, or private mortgage insurance premiums this loan will give home buyers the opportunity of recieving the same benefits as purchasing a home with a 20% down payment by only putting down 5%.

  • Qualify for more
  • Up to 95% LTV Financing
  • No rate adjustments due to high LTV
  • No PMI

Advantages:

Conventional, not FHA, so appraisal issues are reduced
No PMI, so borrower never needs to worry about refinancing to eliminate the PMI
Effective rate FHA is 4.5+1.15= 5.65%; Effective rate conventional is 5% (no PMI)
Payment lower by almost $170/month on a $200,000 purchase price

For many individuals and families who are looking at purchasing a home, or any other real estate, private mortgage insurance (PMI) can be a major cost factor. This kind of insurance is expensive and doesn’t really help the borrower insure anything. Rather, it’s a general requirement imposed on property sales by the lender. Buyers have options when it comes to private mortgage insurance, but not all consumers understand how this insurance works, and more home buyers just can’t figure out their own specific requirements. Here are some basic steps for getting rid of this burdensome insurance element.
Learn about the use of private mortgage insurance. As mentioned, this insurance policy really protects the lender. It’s just a way of further ensuring that the borrower will not default on the loan. Since most serious home buyers have already done the research to make sure they will not have to default, PMI can be just another expensive extra when responsible buyers go to settlement. The first step in getting rid of PMI is to understand that in most cases, you don’t need this coverage, and if you can get out of it, it generally works to your advantage
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