Mar 10 2010
Save more money on your next FL mortgage and with less hassle
Searching for a great deal on your first or next FL home mortgage? How about buying your next home with less than is required for an FHA mortgage and without the need for any PMI, private mortgage insurance? Less You need to consider buying your next home from those listed on the HomePath website at www.homepath.com.
Fannie Mae wants to unload these homes without having FL home buyers incurring usual hassles like appraisal inspections- because appraisals are not even required. Also, there is no qualifying for PMI (with respect to credit scores) as with most conventional loans; or paying an upfront mortgage insurance premium and monthly PMI, as associated with FL FHA mortgages. In fact, there is no mortgage insurance, at all.
Thinking about purchasing a second home or even an investment property? Go ahead. Guidelines allow for down payments for primary homes as little as 3%; second homes or FL vacation homes require only require a 10% down payment. Even investment properties can be obtained with a 10% down payment and no private mortgage insurance. What a deal!
Lest we forget – while negotiating the contract price with your favorite FL Realtor, remember Sellers can contribute up to 6% for primary homes with only a 3% down payment. For down payments of 25%, second home and primary home purchase can have contributions of up to 9%! Structuring the initial contract is very important because you can save thousands in out-of-pocket expenses and/or long term mortgage interest costs.
Whether searching in Brevard County, Seminole County, Orange County or almost any other FL County; more information on your next FL home may be available right now by contacting your FL mortgage professionalor visiting HomePath.
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