A Case for a Conventional Loan Alternative

• March 2nd 2018

by UrbanTurf Sponsor

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The 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.