3.5% IS YOUR MAGIC NUMBER!

September 3, 2014

Are you ready to buy your first house but don’t feel like you have enough of a down payment? Not a problem. Thanks to FHA Loan programs you can put as little as 3.5% down.  Compared to the traditional 20% down on a conventional loan, with only 3.5% down it helps many people like yourself get into their dream home. The slow growth of the economy and low inventory in the housing market has helped with keeping interest rates very low for many new homeowners.  Low rates and low down payments are very advantageous to the new homebuyer.

An FHA Loan, although requiring a low down payment, does have more strict guidelines and standards than a conventional loan product.  Borrowrs will pay a higher PMI rate of 1.75% upfront and 1.35% annually on their FHA Loan.  Because FHA Loans are backed by the government they will also be held to strict underwriting guidelines throughout the process in order to ensure the loan will not default. The property must meet certain guidelines during the appraisal process and if issues are noted, be fixed before the loan can be finalized. The processing timeframe on an FHA loan can take up to 45 days due to these guidelines.

Homebuyers interested in having a low down payment should really consider utilizing an FHA Loan.  If you are ready to buy now but don’t want to wait until you have saved the 20%, then an FHA loan product is for you.  Why throw money at high rent costs when you could begin to invest in your future by purchasing a home?

I am available to help answer any questions you, friends or family may have.  I am your resource for all your home financing needs.

 

-Your Mortgage Coach Zach

740-398-4917

zwilliams@usavingsbank.com

 

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O: 614-602-3646

C: 740-398-4917

 

NMLS

#926390

 


 

Contact

 zach.williams@yourstatebank.com

State Bank

4080 W Dublin-Granville Rd

Dublin, OH 43017

The State Bank and Trust Co. and its loan officers, are not liable for information, claims or agreements made by/between the public and third-party entities. These third-party entities may include, but are not limited to: builders, developers, or real estate agents. Even though the loan officer co-sponsoring this site makes efforts to update the information contained, much of it is provided by independent vendors and data feeds, and thus, this site may contain errors, outdated information or purchase conditions, promotions, incentives and/or possible omissions. The State Bank and Trust cannot guarantee the accuracy of information provided, and we encourage buyers to complete their own due diligence in making a decision to build or purchase a home. We also suggest that you seek the professional representation/advice of a licensed Realtor®, as well as any other licensed professional that is appropriate to your purchase decision, including, but not limited to: attorney, accountant, or certified financial planner. Visitors to this site are responsible for the use and decisions made regarding the purchase of a home with regards to the information contained herein. The State Bank and Trust Co. is an Equal Housing Lender. 


Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant. The State Bank and Trust is an Equal Opportunity Lender. | Privacy Policy