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or call us at 812-667-5101
3% Down and No PMI Mortgage
Does a traditional 10-20% down payment seem out of reach? Does the extra cost of private mortgage insurance (PMI) seem daunting? Friendship has a solution for you! With no government loan fees or PMI, you can qualify for a home purchase or refinance with a low, 3% down payment. This loan may not apply to credit sale properties. (i.e. foreclosures).
This May Be the Home Loan for You If...
The home will be owner-occupied.
You have 3% of purchase price for a down payment.
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The home is stick built, modular, or non-manufactured.
You have a 675 minimum credit indicator score.
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You need to borrow $300,000 or less.
3 Helpful Steps to Take Before House Shopping
Before diving into the exhilarating world of house hunting, take a moment to craft a strategic plan. Here are three essential steps to ensure a seamless journey through the home shopping and buying process:
Step 1: Consult with a Trusted Mortgage Lender:
Schedule an appointment with a Friendship mortgage lender. They specialize in meticulously reviewing your financial landscape to provide tailored guidance. From assessing pre-qualification options to understanding long-term financial goals, we've got you covered.
Pre-qualification offers invaluable insights into your borrowing capacity, streamlining the home buying process and offering clarity on affordability.
Step 2: Define Your Monthly Budget:
Align your ideal monthly house payment with your lifestyle. Remember, you don't need to max out your pre-qualified amount. Craft a buying budget that reflects your unique needs and aspirations.
Consider factors like a passion for travel, concerts, or unique restaurant experience. Ensure your mortgage payments leave room for a life you enjoy without compromising financial stability. You'll also want to prioritize setting aside funds for emergencies and retirement to safeguard your future.
Step 3: Craft a Budget-Friendly Plan:
As you embark on the exhilarating adventure of home buying, resist the urge to succumb to impulsive decisions. Develop a comprehensive plan outlining your non-negotiables, high priorities, and the level of effort you're willing to invest in the purchase.
Clarifying expectations will shield you from rushed decisions and guide you towards a home that perfectly aligns with your financial goals.
Ready to Start Your Homebuying Adventure?
or call us to schedule an appointment at 812-667-5101
We're dedicated to supporting you every step of the way as you embark on this exciting journey towards homeownership.
Decode the Jargon: Your Guide to Lending Lingo
Navigating mortgage terms can be confusing, but it doesn't have to be. Demystify the process and be empowered with our Lending Lingo Guide.