What’s your credit score like? Can you afford a 10% down payment on a house? Do you have a larger amount of equity than 10% in your current mortgage? Why should I shell out money for mortgage insurance? SteveKnowsLoan’s lending program allows approved borrowers to borrow up to 90% of a property’s value without having to pay for private mortgage insurance (PMI). Let’s explore SteveKnowsLoans’ 90% LTV to 1 Million with no MI program.
- The following are the rules of our No-MI financing program:
- Lenders will consider applicants with a credit score of 680 or above.
- Loans of up to $1,000,000 are now available.
- Refinancing options for up to $500,000 are now available.
- Accessible to those purchasing their first house.
The following are examples of the types of properties that qualify for our No-MI financing program:
- Single-family detached homes
- Condominiums
- Townhomes
- Multifamily investment properties or single-family homes with one to four units
Some limits exist, but even condos without warranties can apply.
SteveKnowsLoan’s No-MI program may be available to you if you have a solid history of on-time mortgage payments. The following is what we expect to see in your payment history:
In the most recent three months, the borrower must have a perfect payment history.
- There can be no more than one late payment per borrower. Past year’s average of being 30 days late.
- No more than 2 payments may be missed by the borrower. Past 24 months, there have been 30+ day delays.
- We can accommodate your need for a co-signer on a loan. Non-occupant co-borrowers with blended ratios are welcome to apply for a loan through SteveKnowsLoan’s No-MI program. Each borrower’s debt-to-income ratio is joined together to form a blended ratio, which must be within our limits as a whole.
Until a borrower has accumulated 80% equity in their house, mortgage insurance is typically not waived or eliminated. SteveKnowsLoan’s policy of 90% LTV lending with no MI can save you thousands of dollars over the life of your loan. Contact SteveKnowsLoan today to learn more about our 90% LTV to 1 Million with no MI loan program.
Call Steven Jackson at 813-616-9411 now!
