Wednesday, May 28, 2014

Conventional No Mortgage Insurance Program

Conventional No Mortgage Insurance Program







Conventional No Mortgage Insurance Program

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97/105% LTV/CLTV

KHC is excited to offer this exclusive program!  This program comes just as FHA raises the monthly Mortgage Insurance Premium factors.  This program enables eligible borrowers to go up to 97 percent of purchase price without having to pay upfront or monthly mortgage insurance.  Based on a purchase price of $125,000, this could mean a savings of up to $1,000 a year!*  Borrowers will have access to KHC’s Down payment Assistance Programs, as well!  Instructions on how to enter the Conventional No MI into DU are available. 

Highlights of the No MI Program:



Minimum Credit Score680
Maximum LTV/CLTV97/105%
Loan Terms30-year fixed interest rate
Mortgage InsuranceNone
Desktop Underwriter (DU)Must receive an Approved/Eligible recommendation – HFA Preferred Risk Sharing
Subordinate FinancingKHC DAPs allowable
Minimum Borrower ContributionNone
ReservesNone
Income LimitKHC’s MRB or Secondary Market income limits
Conventional No MI Product

For example:



Terms 
FHA 96.50%
No DAP
 
Conventional
97%
No DAP
 
Interest Rate**
4.50%
5.625%
Total First Mortgage Amount
$122,735
$121,250
Total Monthly Principal and Interest Payment***
$759.96
$697.98
Monthly Payment Savings†
N/A
$61.98
Conventional No MI Savings Flier

* Savings amounts may vary.  Terms and conditions apply.
** Current rates and terms available on KHC’s Web site.
*** Does not include taxes or insurance.
† Total savings will depend on rate.




Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
 800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
(: (502) 905-3708 | 7 Fax: (502) 327-9119|
 Company ID #1364 | MB73346