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.

Low Down Payment Buys You a Home!

Buy a home with *3% Down Payment!

This is a conventional program. Not an FHA loan. Single-family residences and condominiums are OK. Must have a minimum 720 credit score to qualify. The property you are buying must be your primary residence and owner-occupied.

*Monthly mortgage payment, APR, and term will be computed according to applicant's specifications. Our quotes and payments are specific to each individual, therefore, we can give estimated amounts, figures, and fees when you give us the amount of how much you want to finance for your new home and how long you want the term should be. Qualification is based on income, credit, completed application, and submission of required documents.

Call us for more details! 310-318-3899 or visit www.redondomortgage.com