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Home Financing Options .pdf


Original filename: Home Financing Options.pdf
Author: Andrew Biro

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Home Financing Options
Fixed Rate Mortgages








Great for borrowers planning on staying in their home for 5 years or more
Straightforward, predictable monthly mortgage payments
Easier for overall budgeting and financial planning
Consistent mortgage payments
Repayment periods include 10, 20, 25, & 30 Year terms
Lower down payment options
Jumbo Loans for higher priced properties

Adjustable Rate Mortgages





Good for borrowers planning on living in their home for 5 years or less
Initial interest rates are typically lower than fixed rate mortgage loans
Interest rate adjusts based off of financial markets after initial fixed rate period
Borrowers can take advantage of falling rates without refinancing

FHA

Andrew Biro
Senior Mortgage Banker
NMLS ID #742327
(314) 222-0730 Office
(314) 221-0292 Mobile
(314) 375-5182 Fax

abiro@flat-branch.com
www.STLHomeFinancing.com
Flat Branch Home Loans
11780 Manchester Rd. Suite 106
Des Peres, MO 63131
FB NMLS: 224149

First Time
Homebuyers
MHDC
o
o
o
o
o

Down Payment Assistance
Forgivable Second Mortgage
0% Interest Rate on Funds
$0 monthly Payment
Credit & Income Restrictions

Beyond Housing
o
o
o
o

Down Payment Assistance
Forgivable or Deferred Loans
Credit & Income Restrictions
First Time Buyer Class Required








3.5% Minimum Down Payment Requirement
$294,515 Maximum Loan Amount
Upfront Mortgage Insurance Premium rolled in plus a monthly MI Payment
No Income Limits
Seller Concessions of up to 6% towards buyers closing costs
Gifts are Allowed

USDA



o
o





0% Down Payment Requirement
Property must be located in USDA eligible territory
Income Limits:
1-4 Persons: $80,950
4+ Persons: $106,850
No co-signers allowed
Seller Concessions of up to 6% towards buyers closing costs
Gifts Allowed
Upfront Mortgage Insurance rolled in plus a low cost monthly MI payment

VA







0% Down Payment Requirement
Must Meet VA Eligibility
$453,100 Maximum Loan Amount for $0 Down
No Mortgage Insurance
No co-signers allowed
Seller Concessions of up to 4% towards buyers closing costs

Conventional





Typically a 5% Minimum Down Payment Requirement
Options Available for some eligible borrower to put only 3% Down
$453,100 Maximum Loan Amount
Seller Concessions of up to 3% towards buyers closing costs (max 2% on Investment
Properties)
 Private Mortgage Insurance is required with less than 20% Down or 20% Equity

FHA 203K Renovation







Purchase and renovation wrapped into one loan
Renovations cannot exceed $30,000
3.5% Down based off of the total amount of project (purchase price + repairs)
$294,515 Maximum Loan Amount
Repairs must be done by a licensed and insured contractor
Owner Occupants only for 1-4 Unit Properties

www.STLHomeFinancing.com


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