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Make Home Buying More Affordable With The No MI Advantage Loan

June 11, 2018 at 11:30 AM

no mortgage insurance neededIf you’ve looked into buying a home at all, you’ve started thinking about a down payment. You may have heard that a 20% down payment is required when buying a home in order to avoid paying private mortgage insurance (MI). As home prices rise, you might be wondering if you can afford to actually put 20% down - or -  if you can afford the monthly payments with mortgage insurance added onto your payment if you pay less than 20% down.

Good news - APM can help make your home purchase more affordable with our new No MI Advantage Loan!

 

What is the No MI (Mortgage Insurance) Advantage Loan?

The No MI Advantage Loan program allows qualified buyers to purchase a home with less than 20% down and no mortgage insurance (MI) – potentially saving buyers hundreds of dollars per month.

Qualifications

The following qualifications apply for the No MI Loan Program:

No MI Advantage-2

What are the Benefits to Borrowers?

The No MI Advantage Loan program has some great benefits for home buyers who qualify. Most loan programs require mortgage insurance (MI) if you are purchasing a home with less than 20% down. That insurance can cost you hundreds of dollars per month, in addition to your regular mortgage payment.

Under this No MI loan program, you gain more buying power as the savings may help you in the following ways:

  • By purchasing a home with less than 20% down, you may be able to purchase a home sooner or may have enough down payment funds for a higher-priced home.
  • By eliminating the mortgage insurance requirement, you will reduce your total monthly payments, helping you to qualify for a larger purchase price.

Increasing your buying power and being able to buy a home sooner might be good news for you. At APM, we’re passionate about helping people become homeowners and our No MI Advantage Loan program is a great way to help even more of you realize your homeownership dream.

If you’re curious about whether this loan can work for your situation, contact one of our helpful loan advisors today. We’re here to answer your questions!

 

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American Pacific Mortgage

American Pacific Mortgage

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