![]() ![]() "It is going to be a popular program because it is $4,000, but we're going to compare that and contrast it with other programs that they have to put a little more money down, might allow them to get a better interest rate or lower mortgage insurance to be able to do those other programs," said Day. That said, Day believes a 1% down mortgage is worth examining among all the other creative lending options. So that takes into consideration all the borrowers on the application, so that's going to be a limiting factor," said Day.Īnother concern borrowers should consider is owing more than their homes are worth. "In Hennepin County, it's around $94,000. And you can't make more than 80% of the median income in the area where you're buying. You must have a credit score of 620 or higher. These rates are based on the assumptions. "They're looking at getting gifts from their parents, they might be looking at taking a loan out from their 401K, or maybe they're putting off purchasing for a few months so they can save up those funds - $4,000 just gets them that much closer," said Day.īut not everyone qualifies. 15-year fixed-rate refinance: 2.000, unchanged 10-year fixed-rate refinance: 2.000, down from 2.125, -0.125 Rates last updated on Sept. Day says local homebuyers who can't afford a down payment that large are asking about the 1% option, among other things.
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