A Window of Opportunity

Mortgage Insurance (MI) for FHA is increasing beginning April 1, 2013. This means that it will be less affordable for first-time homebuyers to afford a new home. Since Redondo Mortgage Center is founded on the principle of helping families own homes, we have sourced out new programs that can assist buyers that fit into the first-time homebuyer category under a similar FHA structure.

Starting Monday, March 18, we will be able to offer first-time homebuyers with limited down payment options, to be able to purchase with just a 3% down payment. The good news is, MI for this program can be financed! What’s more, this program is a conventional loan, meaning, qualifications are less stringent and there are more chances for borrowers to qualify. 

Starter homes such as condominiums and townhomes need not undergo the FHA scrutiny that usually causes challenges and delays to purchase transactions. Aside from the comparable low down payment  this conventional program offers, the prequalification document RMC issues for you to make an offer, will reflect a financing that is conventional—meaning real estate agents are aware that facilitation for the loan file will not be based on several more conditions prior to closing—More chances for you to get an acceptance.

While the FHA program at 3.5% down payment may still be best for a certain profile of buyers,  It may be worth your while to explore its conventional program counterpart. Call RMC now for more details and we will be more than happy to take you through all your financing options.

Our loan officers may be reached at 310-318-899 or visit www.redondomortgage.com and go to the “Quick Apply” tab.

You Deserve to Own a Home

Buy a Home with 3% Down Payment!

Conventional program

Not an FHA loan

720 minimum FICO

Buy a single-family residence or condo

Owner-occupied: primary residence

*Following is an example based on a 3% Down Payment:  With a $400,000 purchase price, loan amount is $388,000. For a 30-year fixed, monthly payment is $1,742 (principal & interest). Rate 3.5% APR 3.827%. Qualification is based on income, credit, completed application and submission of required documents. RMC has been helping Southbay’s workforce own homes for nearly 25 years. Ask about our other refinance and investment property programs.