My New Blog

First Time Homebuyers

July 27th, 2018 6:04 PM by Sam Kader MLO130505

Having sufficient down payment is one of the biggest obstacles for first-time homebuyers. Fannie Mae introduced HomeReady Program in 2015 specifically to address that problem. 

Example A - Joe Smith a single father working  with Amazon for 2 years earns $103,400 per year wants to buy a Single Family Home somewhere in King County.  Joe's FICO score is 740.

  • Purchase price of $499,330.
  • 3% or $14,890 as down payment (all of which can be gifted). 
  • Loan amount is $484,350.
  • Conventional HomeReady 30 Year Fixed at 4.25% (APR 4.895% as of 4/24/19).  
  • Joe's monthly Principal + Interest (P&I) payment is $2,382.71.
  • His monthly Mortgage Insurance(MI) factor is 0.46 or $185.67.
  • We can help Joe to close in less than 30 days. 
Does Joe sound like your prospect that we can help? I have highlighted the main points in the above scenario that I can do better than other lenders.

How can I assist you?  

Posted in:HomeReady, HomePossible, first time home buyers, and tagged: first time home buyersHomeReadyHomePossible
Posted by Sam Kader MLO130505 on July 27th, 2018 6:04 PM

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