There's a huge menu of mortgage products that accommodate borrowers that do not fit into conventional lending guidelines but down want to miss opportunities for home ownership or real estate investment.
DOWNLOAD PDF FILE OF PRODUCT DETAILS - https://proistatic.com/Mortgage/MyEliteLending/Content/UploadedFiles/Riches in Niches.pdf
Use this handy lookup tool to find the AMI where you would like to buy then call us to get qualified. It's a great time to buy!
Beware of the "smoke and mirrors" of newly popular 2-1 Buydown Mortgage. Might be more sizzle than steak.
Here is how it is being sold to buyers - The seller will “buydown” your interest rate 2% in the first year and 1% in the second year. Instead of a rate of 7%, your first year will be 5% and your second year will be 6%. After that you will pay 7% for the life of your loan.
Here's what is actually happening – The seller is contributing to reduce your payments for the first two years AS IF the interest rate was reduced for the first two years..
Let's look at the math based on a current rate of 7% on a $550,000 loan amount –
What is REALLY happening is that the seller is contributing $12,819.24 (almost 2% of the sales price) to pay for a two-year monthly savings AS-IF your interest rate was 5% for the first year and 6% for the second. Thinking you have a lower interest rate makes you feel good, right!
From a marketing standpoint that sounds a lot better than a 2% sales price reduction, doesn’t it?
BUT, since that money seems to be available from the seller, let’s see how else it could be applied.
Clearly those options might not SOUND as good to you but the REAL benefits are more advantageous than the marketing “sizzle” of the “2-1 buydown”.
For 30 years I have been providing real life, reliable mortgage advice to my clients based on their personal situation and mortgage math. Call to find out what the best path to home ownership is for YOU.
CLICK HERE TO DOWNLOAD THIS INFORMATION AS A PDF FLYER https://proistatic.com/Mortgage/MyEliteLending/Content/UploadedFiles/Buydown%20branded%20flyer.pdf
Many condo listings disclose that they will only accept cash or Conventional financing. Often the only reason FHA is omitted is because the listing agent is not aware of the little known fact that we can finance the purchase with an FHA loan even if the condo project is not approved.
Good News! The condo project does NOT have to be pre-approved by FHA. We can qualify individual units for FHA financing using the same full review process we use on 3% down Conventional financing.
It is very likely that any condo unit that qualifies for Conventional financing can also be funded by FHA.
This is VERY handy for buyers with lower credit scores and higher debt ratios that Conventional financing will not allow. That makes this an invaluable option for first time home buyers that need to find a home in lower price ranges.
Call for details!
In these challenging times the true No Income Doc loan is a welcome mortgage loan option.
Visit www.NoDepositUSDA for more details on this incredible loan product for low and moderate income families!
Search for properties that qualify for No Money Down USDA mortgage loans. Danny Poulos and the Elite Lending Team at Milestone Mortgage specialize in no down payment rural property loans in Jupiter, Stuart, Palm City, Port St Lucie and the rest of Palm Beach, Martin County and St Lucie County and others in Florida.
Get the Best Mortgage Rate! Tell us a little about your current needs and we can use that information to match you with just the right loan.