Low Down Payment Closings
In the last two weeks, STC Loans together with C and C Title Agency have been able to help two new families become first time buyers with low down payment closings. We couldn’t be more thrilled for them. Using our 5 % down conventional lender paid PMI, first time buyers Richard, Mickey and Nicole are well underway in early home ownership. We extend a very special thanks to Laura M. Menendez, our senior loan processor and Carolyn Martinez of C and C Title Agency.
In 2017 conventional mortgage lenders introduced the 5% down loan and the lender pays for the PMI (private mortgage insurance) up front. What a great program, facilitating the purchase of homes to first-time homebuyers. In exchange for a slightly higher interest rate, young buyers can begin to experience the privilege of home ownership.
The monthly PMI is approximately half of what FHA loan pays. The PMI will be reevaluated when the loan reaches 80% loan to value in order to be eliminated. As opposed to FHA where the PMI is for the life of the loan. The conventional lender paid PMI loan is for borrowers that have a minimum 640 FICO. The higher the FICO into the 700’s, the better the interest rate becomes.
This product is being used by many first-time home buyers because of the monthly savings on the PMI. The product can be used up to the new conventional lending loan limits which have recently increased to 455,000.
Why Work with Mario Quintero
Do you know any young people starting out who could benefit from this amazing program? How many of us would not have liked this opportunity starting out? Are you in the market looking to buy, sell, rent or lease a property? Mario Quintero has been in the mortgage business since 2002. Mario’s experience is tested and true. Mario has helped hundreds of families purchase their dream homes and secure competitive financing.
Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker.
Get in Touch with Mario
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a VA, conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.
