We have great news to announce!! We are now available to offer a 3% down conventional home loan to buy a home in Arizona. We can offer this because of our "Platinum" status with a major mortgage insurance company. Previously, 5% minimum down payment was required to purchase a home with traditional mortgage insurance. This program will help those buyers who may have a FHA loan on a home they now have as a rental home. The reason why this would help them is because it will give the buyer a low down payment option. FHA will most likely not be allowed because they have a FHA loan already, but a conventional loan can be used. This would only work for a primary residence purchase but could be used for most residential property types. There will be higher credit scores required and the debt ratios will be conservative due to having to obtain traditional mortgage insurance. It will make sense for the right buyer who wants to keep their cash reserves in their pocket as opposed to putting the money into the down payment. One thing is for sure, there are not many lenders who can offer this program at this time. Send me a message if you would like more details.
Justin Vaught - AZ Licensed Loan Officer - NMLS # 260072
www.AZFHAMortgage.com - www.facebook.com/VaughtTeam - www.twitter.com/VaughtTeam
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