3% Down Conventional Loan with No (MI) Mortgage Insurance In Florida

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A conventional mortgage loan is generally considered a mortgage loan that meets guidelines established by Fannie Mae and/or Freddie Mac. Calculate an accurate payment that accounts for various down payments, property taxes, and homeowner’s insurance. How to use our mortgage loan payment calculator:

Payment example: A 30-year fixed-rate loan for $150,000 with 3% down at 5.00% and an Annual Percentage Rate (APR) of 5.743% would have a monthly payment of $879.34, which includes principal, interest, and private mortgage insurance.

WE ARE EXCITED TO PRESENT OUR NEW CONVENTIONAL 1% DOWN WITH EQUITY PLUS LOAN PROGRAM You simply put down 1%, and we (Lender) contribute 2%*, giving you 3% equity at closing Great low rates Close in 30 days or less conventional 30-year fixed program Available with no monthly Mortgage Insurance *2% is a lender contribution and may only be applied.

No front-end private mortgage insurance (PMI) is required. PMI cancels automatically when the loan-to-value ratio reaches 78%, FHA MIP is required for the life of the loan. Minimum down payment of just 3%, which is .5% lower than an FHA loan.

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A 3% down payment of $4500 on a 30-year, fixed-rate mortgage, with a loan amount of $145,500 and an interest rate of 4.5% (5.610% APR), would require 360 monthly payments of $1,076.73. This payment example excludes mortgage insurance.

Recently, mortgage lenders reduced minimum credit score requirements for the FHA’s popular 3.5% downpayment loan; and, two 3% down payment programs have been retooled – the Conventional 97 and.

The upfront costs associated with obtaining an FHA-insured mortgage is lower with a conventional loan because of the low down payment. However, because PMI is lower on conventional loans, PMI cancels once the LTV reaches 78%, and there is no up-front mortgage insurance fee. While FHA Loans are cheaper in the beginning.

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