New Home Loan with No Mortgage Insurance!
Posted
by goBE Realty Daybreak
on Tuesday, August 20th, 2013 at 4:35am.
You may recall the recent changes to FHA financing that require you to pay your Mortgage Insurance for the duration of the loan. FHA financing is still appealing because of the low down payment requirements to get the house. However, if you don't like the idea of paying around $50K in Mortgage Insurance you are still in luck.
Utah Housing has announced a new loan program called the "No MI Risk Share Loan." This is a conventional loan that only requires a 3% down payment. Check out their current rates HERE. If you are interested in the program contact a qualifying lender to lock in your rate. A lender is the best source for relevant and reliable information about this loan product.
For those of you who need to research things on your own here are some of the key features of this new loan:
- Not limited to first-time home buyers (but you cannot own another property at the time of closing)
- Single family homes are eligible
- Minimum credit score of 700
- Maximum qualifying income of $84,000
- Maximum purchase price of $350,000
- Maximum Debt to Income ration: 43%
- 3% down payment requirement (check the financed down payment option here)
- Seller paid closing costs limited to 3%
- Cannot rent any portion of the home
- Home buyer education course required
There are limits on where you can purchase a home with this loan. Call me to find out where the best homes are that you can purchase with this great Loan!
About the Author:
Utah Dave - Daybreak Neighboorhood Expert and Local Resident
My friends nicknamed me Utah Dave in high school because they said it didn't matter where we went in Utah, I would know how to get there and who we needed to talk to. The name sticks today as UtahDave has formed into a professional real estate network of Neighborhood Experts all across the state. I live in Daybreak with my wife and 4 amazing children. I enjoy dancing (which is how I met my wife Dawn) as well as traveling, coaching, and learning.
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