A Case for a Conventional Loan Alternative

  • March 2nd 2018

by UrbanTurf Sponsor

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A Case for a Conventional Loan Alternative: Figure 1The dream of home ownership may be within your reach. Fulton Mortgage Company, a Division of The Columbia Bank, has recently introduced our HomeReady® Mortgage Plus Program to make home ownership more accessible for homebuyers in the Washington Metropolitan Area.

It’s a smart and affordable alternative to an FHA or conventional loan because it requires no Private Mortgage Insurance (PMI). The HomeReady Mortgage Plus Program is a true no mortgage insurance program and is exclusive to Fulton Mortgage Company. Other lenders may offer similar programs, but they usually require mortgage insurance or lender-paid mortgage insurance which adds to your cost.

This flexible new program can provide up to 97% financing on loan amounts up to $453,100 and 95% financing on loan amounts up to $679,650. Plus, you don’t need to be a first-time homebuyer and co-borrowers on a HomeReady Mortgage Plus Program are not required to live in the home, so relatives and other individuals may assist with your home purchase. The HomeReady Mortgage Plus Program features:

    • 97% Financing to $453,1001
    • 95% Financing to $679,6501
    • 3% to 5% down payment
    • Purchases and/or rate and term refinances for up to 97% of the property’s appraised value
    • 30 Year Fixed Term2
    • Loan to value up to 105% in combination with a down payment assistance program
    • Seller contributions allowed up to 3% of the purchase price of the home
    • Homebuyer Education is required3
    • The HomeReady Mortgage Plus Program is available to applicants with incomes below 100% of the area median income or maximum income of $110,300, unless the property is located in an underserved census tract then the income restriction is waived

For more information, contact Noel Shepherd, NMLS #: 313280 at 202.642.4305 or nshepherd@fultonmortgagecompany.com.

The Columbia Bank. Member FDIC. Member of the Fulton Family. Subject to credit approval. 1Financing is based on the lower of either the appraised value (fair market value) or the contract sales price. 2Monthly payment for a $400,000 30-year term mortgage at 4.792% Annual Percentage Rate (APR) would be $2,023.99. Payment does not include amounts for taxes and insurance and the actual payment may be greater. 3Must be provided by a HUD-approved housing counseling agency. Counseling fees are paid by the homeowner and will vary by location. Income limits may apply. HomeReady is a registered trademark of Fannie Mae. The Columbia Bank and Fulton Mortgage Company are not affiliated with Fannie Mae.

This article originally published at https://dc.urbanturf.com/articles/blog/a_case_for_a_conventional_loan_alternative/13534.

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