Find out how you can get a home with a minimal down payment and zero mortgage insurance.
I’m joined today by mortgage loan consultant Justin Allender, who will be sharing some exciting information about a conventional loan that has no mortgage insurance.
This assistance program can help homebuyers who have little to no money for a down payment. It even goes up to a 101% combined-loan to value, meaning you can put the extra 1% toward closing costs. As a second mortgage, it is also locked into the same interest rate as your first mortgage. This loan also allows you to make payments on interest alone. Then, you can begin to pay on your principal balance as well when your budget grows.
If you’re a first-time homebuyer, there’s an income limit of around $90,000. If you’re not, the limit is around $51,000. Most types of properties qualify for the loan program, including condos, houses, and townhomes.
To receive the loan, you’re required to take homebuyer education courses to ensure you know what you’re getting into. Though you cannot pair the CBC Chenoa Fund with a mortgage credit certificate (MCC), you can pair the 101% conventional loan with the MCC. The MCC tax credit refunds part of your interest payments each year, which can help you get into a home with very few out-of-pocket costs.
If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.