financing cheat sheet flyer .pdf

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Original filename: financing cheat sheet flyer.pdf
Title: financing cheat sheet

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HOME FINANCING OPTIONS

Fixed Rate Mortgages

FHA

• Great for borrowers planning on staying in their home for

• 3.5% Minimum Down Payment Requirement

• Straightforward, predictable monthly mortgage payments

• Upfront Mortgage Insurance Premium rolled in plus a

five years or more

• Easier for overall budgeting and financial planning
• Consistent mortgage payments

• Repayment periods include 10, 15, 20, 25, & 30 Year terms
• Lower down payment options

• Jumbo Loans for higher priced properties

• $314,827 Maximum Loan Amount
monthly MI Payment
• No Income Limits

• Seller Concessions of up to 6% towards buyers costs
• Gifts are Allowed

USDA

Adjustable Rate Mortgages
• Good for borrowers planning on living in their home for
five 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

• 0% Down Payment Requirement

• Property must be located in USDA eligible territory
• Income Limits:

• Gauranty fee can be rolled into loan amount
• Low cost annual feed paid monthly
• No co -signers allowed

• Seller Concessions of up to 6% towards buyers costs
• Gifts Allowed

Conventional

VA

• Typically a 5% Minimum Down Payment Requirement

• 0% Down Payment Requirement

• Options Available for some eligible borrower to put only

• Must Meet VA Eligibility

3% Down

• $484,350 Maximum Loan Amount for $0 Down

• $484,350 Maximum Loan Amount

• No Mortgage Insurance

• Seller Concessions of up to 3% towards buyers costs (max

• No co-signers allowed

• Seller Concessions of up to 4% plus buyers closing costs

2% on Investment Properties)… higher down payments may
allow for more.

• Private Mortgage Insurance is required with less than 20%
Down for a purchase or 20% equity for refinance

FHA 203K Renovation
• Purchase and renovation wrapped into one loan
• Renovations cannot exceed $30,000

• 3.5% Down Payment based off of the total amount of

project (purchase price + repairs)
• $314,827 Maximum Loan Amount

• Repairs must be done by a licensed and insured contractor
• Owner Occupants only for 1-4 Unit Properties

MHDC
• Down payment assistance

• Forgivable second mortgage
• 0% interest rate on funds

• Credit and income restrictions

For income limits specific to your county please visit https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAcation=state

ANDREW BIRO

Senior Mortgage Banker

11780 Manchester Road
Des Peres, MO 63131

abiro@fbhl.com
NMLS: 742327

Mobile: 314.221.0292
Office: 314.222.0730

FB NMLS: 224149

fbhl.com/abiro


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