"Property Ownership Within Reach" First and Second Mortgages · Purchases · Refinancing · Home Equity Loans · Lines of Credit Ph: 267-382-0690 Toll Free: 866-636-9300 · Licensed in Pennsylvania |
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Case Studies -->>
First Time Home Buyers with $2,000 to purchase a home.
Programs
Example:
Documentation
Employment Qualification
Fixed Income
- Financing at 100% of the purchase price with only $2,000 available cash
- Purchase price is $200,000
- Real estate taxes and insurance not included in the monthly payment
1st mortgage 2nd mortgage (Home Equity Loan) |
$160,000 x 6.50% = $40,000 x 9% = |
$1,011.31 $321.85 |
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$1,333.16 |
Total monthly payment (principal and interest) |
1st mortgage 2nd mortgage (Home Equity Loan) Monthly real estate taxes Monthly homeowner's insurance |
$160,000 x 6.50% = $40,000 x 9% = |
$1,011.31 $321.85 $233.33 $54.17 |
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$1,620.66 |
Total monthly payment including principal, interest, taxes and insurance (PITI) |
Estimated closing cost without points
Transfer tax @ 1% of purchase price Title fees (title insurance, recording, notary, endorsements) Appraisal fee Lender fees Home owner's insurance paid for 12 months Miscellaneous fees (w/s and taxes through the quarter) Broker Credit from Financial Access, LLC Seller assist towards closing cost Buyer's total closing cost (remaining due) |
$2,000.00 $1,820.00 $300.00 $600.00 $650.00 $1,000.00 ($500.00) ($3,870.00) $2,000.00 |
Licensed by Pennsylvania Dept. of Banking
Pursuant to the First and Secondary Mortgage Loan Act