What’s New on the Mortgage Front?

From low down payment options to jumbo loan options for move-up buyers, here’s what a few lenders are offering buyers.

Chase’s DreaMaker loan is geared for low to moderate income borrowers and first time buyers. Funds are available for up to 95% of the home’s value and there is no upfront PMI (Private Mortgage Insurance). In some cases this might be cheaper than an FHA loan.

Chase just introduced jumbo loans with a maximum 85% LTV. With a 740 FICO score, the maximum loan amount is $1.5 million.

Guaranteed Rate is offering 80-10-10 jumbo loans of up to $1 million.  You’d put down 10% of the home’s value, with a mortgage for 80% and a second mortgage for the remaining 10%.  This would require about 1/8 % more in your interest rate.

HomeTrust Mortgage Corp is offering a Launch Loan. The loan requires only 5% down (which can be a gift), and the PMI will be waived for a nominally higher interest rate os 1/8 to 1/4 %.  This can considerably lower monthly payments.

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