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| Name | Five Low To Zero Down Payment Mortgages Anyone Can Afford |
| Video Uploader | Video From Michael Durr |
| Upload Date | This Video Uploaded At 11-05-2014 15:30:37 |
| Video Discription | Low To Zero Down Mortgage Programs Http://www.kingwoodmortgageguy.com Mike Durr "The Kingwood Mortgage Guy dispels a myth regarding how much money you need for today's down payment when financing a home. Mike talks about conventional mortgages with 5% down. He speaks about the popular FHA program with only 3.5% down. He also speaks about three programs that offer zero down home mortgages; VA for veterans only, USDA, specifically aimed at the rural home ownership initiative, and finally the SETH program which offers up to 5% grant funds to buy a home with zero money down. First lets talk about the conventional mortgage backed by Fannie Mae and Freddie Mac. This is a very popular program that requires only 5% down. The reason this program is popular is that the mortgage insurance is based on borrower qualifications. If you have good qualifications; high fico scores, low debt ratios and plenty of assets, the mortgage insurance is reduced based on the risk of default. Another popular feature of the conventional mortgage insurance compared to FHA is that when your loan balance reaches 78% of the value, the insurance is removed. So conventional loans feature mortgage insurance that is generally cheaper and will end at a certain point. FHA loans are very popular for several reasons, the first is that the down payment required is only 3.5%. The biggest reason people do not buy homes is because of lack of funds. Additionally FHA loans requirement for credit scores is substantially lower than a conventional loan program, the waiting period is substantially shorter for derogatory credit events, and the debt ratios allowed are substantially higher. Also the rates for FHA loans are generally lower than conventional loan products. VA loans are by far the best product and they should be. It is the government and mortgage industry's way of honoring those that have sacrificed time and blood for our country. The key features of a VA loan are that they offer zero down, very good rates and qualifying criteria that is similar to the FHA programs. The way the VA handles mortgage insurance is they collect a premium one time up front, based on your military status. USDA is a government program that has been offered for many years. They found that the people who buy in the rural areas have a lower propensity to default. The program features a upfront premium, but the key element is zero down for these properties. The property has to qualify and the borrower has to meet certain income qualifications, specifically must not be above the median income in the specific area. Finally the SETH program is a new opportunity based on FHA qualification. What they are doing here is offering a 3%, 4%, or 5% grant using the premium on FHA loans to fund either the down payment, the closing costs or both. There are some income restrictions but many people will qualify for this grant program. In summary there are low down payment options for people today, Conventional, FHA, VA, USDA and SETH. Most people who want to buy a home don't know about these programs. If you would like additional information I encourage you to call me at 281-348-9899 Kingwood Mortgage Guy 1521 Green Oak Pl. # 197 Kingwood, TX. 77339 Http://www.kingwoodmortgageguy.com mv https://www.youtube.com/watch?v=5QEBXr7GzF4&t=1s https://www.youtube.com/watch?v=d7krNgOt61U&t=1s https://www.youtube.com/watch?v=rkmcGnzhTY8 mvend chw.. https://www.youtube.com/watch?v=K91vDCFwH70 -~-~~-~~~-~~-~- Please watch: "4 Steps To Saving Big Money When Financing A New Built Home|Call 281-348-9899 For More Info" https://www.youtube.com/watch?v=Ar6_vw-gz38 -~-~~-~~~-~~-~- [qXMGhRAXCs4] |
| Category | News & Politics |
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