11/11/2024
For anyone in the market to purchase their first Home.. I wanted to share a Lending Program I have been using!
One of my preferred lenders is offering a conventional program with as little as 3% down and no Private Mortgage Insurance (PMI) payment.
For those of you that do not know - Conventional lenders require PMI when you put less than 20% down and the loan is sold to Fannie Mae or Freddie Mac. This loan is what the call a Portfolio loan and is not sold to those two agencies so PMI is not needed. Which means - There are no additional fees or costs AND you are NOT getting a higher rate for this benefit!
The PMI payment can also be higher the less you put down and the lower your credit score. With sky rocketing interest rates - home affordability has become harder and harder. Having no PMI payment can save you hundreds of dollars a month and thousands of dollars over the term of your LOAN!
PLUS - the lender is also providing UP TO$7,500 in lender paid assistance towards closing costs. No recapture; No repayments; this is not a grant! You get this credit at closing!
The program is available anywhere in Cook, DuPage, Lake, Kane and Will County!
To see if you qualify or LEARN MORE about this program please contact my lender at 312-952-2126. You can also get a RATE QUOTE for this program with NO Obligation; NO Application; NO Credit Pull!