Rate Update!
Tell your friends! The current MSHDA MI Home Loan brings a 3.625% Fixed 30 year rate (3.731% APR) and Reduced PMI Rate. Nothing is coming anywhere close to this…
Dear Friends,
As the Fed continues to increase rates, mortgage rates have followed suit, and have continued to hedge higher into 2018. As of March 27th, some lenders are now quoting in the 5.00% range, and even higher for some 30 year fixed rate programs. Consequently, the incredibly LOW mortgage rate offered through the MSHDA MI Home Loan program, may have never looked better when compared to standard conventional financing. Here are some facts that many people may not know regarding MSHDA Loans:
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MSHDA only requires a 640 Credit Score.
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MSHDA is not always restricted to first time Homebuyers.
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MSHDA will lend on properties selling as high as $224,500 for qualified Buyers.
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MSHDA Conventional Borrowers with less than 20% down, enjoy lower PMI rates than standard conventional Borrowers.
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MSHDA Rates can be obtained in conjunction with either Conventional, FHA, VA or USDA-Rural Development mortgage financing.
Standard Conventional vs. MSHDA Conventional Comparison Example:
Based on a $200,000 sales price, and a Conventional 5% Down Loan, annual taxes $2,700, homeowners insurance of $900 and a 679 credit score:
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Standard Conventional: $190,000 Loan amount, 30 year at 4.75% and standard PMI = $1,514 Monthly Payment
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MSHDA MI Home Loan: $190,000 Loan amount, 30 year at 3.625% and a reduced PMI = $1,326 Monthly Payment
