Here are some of the highlights of a home buyer seminar that I attended last night given by Bruce Silva, EVP at CHL Mortgage in Melville, NY.
- First Time Home Buyers - 3% Down payment!
- 5% Down Min for all owner occupied
- Requires PMI (Private Mortgage Insurance)
- 700 FICO score Minimum w/ 5% down
- PMI can be paid as a single premium
- Rates are approximately 3.875% today
Upfront Mortgage Insurance Premium (UFMIP) - Chooses to pay PMI as a one time fee.
- This premium is added to the base loan amount and therefore financed over the term of the loan The UFMIP is 1.75% of the mortgage amount
Monthly Mortgage Insurance Premium (MMP)
- This premium is paid monthly and is added to the normal monthly mortgage payment. This is .85% REDUCED from 1.35% of the loan amount and will last the life of the loan.
There has never been a better time to buy a hone than right now.
Email me at ranastasio@signaturepremier.com
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