Do you have a lot of money for the down payment, but not in the bank, and want to avoid PMI (Private Mortgage Insurance) to buy a home NOW?
Case in point: Joanne had $160k in mattress money down payment and wanted a no PMI loan program. The $160k was from years of saving, but she didn’t trust the banking system. Maybe it was all those negative articles about Wells Fargo!!
I took this scenario to many lenders of all types, but only one provided the right solution.
Issue: Many mortgage lenders of all types suggested she deposit less than $10k per month in bank account to avoid alerting the banking regulators. This would require her to wait 6-8 months to meet the $100k necessary for $550k home purchase.
Solution: One expert Loan Officer suggested a loan approval immediately utilizing a 5% down payment loan program to purchase her dream home. After the loan closes and when she had the amount = 20% down payment, she would pay the loan amount down, the lender would drop the PMI and recast the loan payments at the new loan amount. Case solved. Rate locked 6/9 at 5.625%, 5.742% APR, no points, 30 year fixed rate.
By researching lenders of all types, we find the best solutions. Call Dan the Man for Mortgages at 714-310-4162.
What our happy clients are saying:
“I was attempting to get a loan for a piece of property, and Dan Stone was the only one who could give me any answers. His knowledgeable advice and wealth of experience was phenomenal. I know he went out of his way to help me even though he never mentioned it and did not hesitate to look at every possible option. If you are looking for someone to trust in the mortgage world, Dan is the guy plain and simple. I would not hesitate to recommend him to anyone.” -Marcus K.