Financing Alternatives
| Sales Price $100,000 |
|
|
|
Conventional |
Conventional |
FHA |
VA |
Rural Development |
| LTV |
95% |
80% |
96.5% |
100% |
100% |
| Seller Concessions |
3% |
3% |
6% |
6% |
6% |
| Upfront MI |
None |
None |
1%
May be financed |
2.15% active
2.4% reserve
May be financed |
2%
May be financed |
| Monthly MI |
None |
None |
1.1% per month |
None |
.3% |
| Buyer Credit Scores |
620
minimum |
620
minimum |
620-640 minimum |
620-640 minimum |
620-640
minimum |
Rate/APR*
(Credit scores > 650)* |
5%/5.13% |
4.75% |
4.75%/5.6% |
4.75%/4.8% |
4.75%/4.9% |
Monthly Payments
| Monthly Payment |
Conventional
95% |
Conventional
80% |
FHA |
VA |
Rural Development |
| P & I |
$632 |
$657 |
$579 |
$592 |
$572 |
| Taxes & Insurance |
$192 |
$192 |
$192 |
$192 |
$192 |
| PMI Fee |
|
$0 |
$44 |
$0 |
$0 |
| Total Payment |
$824 |
$609 |
$751 |
$725 |
$764 |
|
|
|
|
|
|
|
| Cash From Buyer |
$8,000 |
$25,000 |
$6,500 |
$0 |
$0 |
Rates and payments are indications only, are subject to change without notice and don't include taxes and insurance. They are not indicative of current market rates but for illustration purposes only. Rates are intended to be used to compare the impact of the upfront Private Mortgage Insurance and any required Private Mortgage Insurance paid on a monthly basis for the different loan programs. This information is provided for real estate professionals and does not comply with Reg Z. -- 25 June 2005
