FHA loans are available to all homebuyers, not just "first-time homebuyers".  FHA loans with a 3.5% downpayment will have a lower monthly payment than a conventional loan with the same downpayment, and the underwriting guidelines are more flexible than conventional loans.

The buyer's closing costs on an FHA loan are identical to the closing costs on a conventional loan, with one exception, the cost of the tax service fee ($94) must be paid by the seller.  The seller is allowed to pay up to 6% of the sale price towards the buyer's closing costs, but not to exceed the buyer's total closing costs.  See the FHA Quick Facts for more information. 

It's still the best loan offered, no down payment is required, and if you are successful in getting the seller to pay all of your closing costs, you can move in for ZERO.  You can use your VA Eligibility more than once; I have used mine three times.  So, if you have had a VA Loan before or you currently have a VA loan, call me to discuss how you can take advantage of this great program again.  See the VA Quick Facts for additional information. 

With the options available today, a 5% or 10% down payment will provide you almost all of the benefits of a 20% down payment - benefits such as no mortgage insurance required, and the option to pay the property taxes and home insurance separate from the mortgage.  See the Conventional Quick Facts for additional information.

A 20% down payment still provides the optimum benefit, but you get almost the same benefit by using the 80-15-5 or the 80-10-10.

And with all of our loans, we will allow the seller to pay 3% of the sales price toward your closing costs.  Based on the price you offer, the seller may agree to do this.  If so, it will be a nice way to reduce the amount of cash you need to purchase a home.

This loan is actually two loans that total 95% of the purchase price.  The 1st mortgage is 80% of the purchase price, therefore no mortgage insurance is required.  The 2nd mortgage is 15% of the purchase price, and your downpayment is only 5%.  You also have the option of eliminating the escrow account.  For the rest of the story see the 80-15-5.   

This loan is actually two loans that total 90% of the purchase price.  The 1st mortgage is 80% of the purchase price, therefore no mortgage insurance is required.  The 2nd mortgage is 10% of the purchase price, and your downpayment is only 10%.  You also have the option of eliminating the escrow account.  For the rest of the story see the 80-10-10.

Jumbos are loan amounts above Fannie Mae's loan size limit of $417,000.  Since the mortgage meltdown of 2007, the Jumbo interest rate is generally about 1% higher than the Fannie Mae interest rate.  BUT, with the Jumbo Rate Crusher you can still get the lower Fannie Mae interest rate, eliminate Mortgage Insurance, and eliminate the escrow account for taxes and insurance with as little as 5% down payment.     

When your home needs upgrading before you put it on the market – and, you don’t want the disruptions or inconvenience of “living in the construction site” during the renovation period, nor do you want the inconvenience of keeping your home in showing condition every day for 60 to 90 days until your home is sold – this financing method may be the right one for you. Check out our Move-up Solution .