Conventional Financing for Manufactured Homes Coming

What a great way to start the new year – new options in financing!

 

Freddie Mac has announced that it will start financing manufactured housing, which it hopes will help make homes more affordable to buyers. The mortgage financing giant says it will conduct a two-year pilot called CHOICEHome to grant conventional financing for manufactured homes with certain features, such as permanent and pitched roofs. Many of the manufactured homes also have energy-saving features, such as Energy Star Qualified Low-E windows, programmable thermostats, and minimum insulation values.

Factory-built homes that meet Freddie Mac’s specifications will be eligible for a CHOICEHome certification and CHOICEHome financing. Freddie Mac’s HomeOne and Home Possible loan programs will also be available for manufactured housing. Freddie Mac also says appraisers will now be able to use site-built housing as a comparable valuation. “Today’s manufactured homes can deliver outstanding quality at prices that are up to 50 percent less per square foot than conventional site-built homes,” Freddie Mac notes. “These savings can enable more Americans to own their own home, even in the face of an ever-widening housing affordability gap.”

Currently, more than 22 million families live in factory-built housing. That number is expected to grow, says Mike Dawson, vice president of single-family affordable lending strategy and policy at Freddie Mac. “There’s an opportunity for factory-built homes to address the housing supply shortage and quality housing overall,” Dawson says. “This new generation of manufactured housing might just be the best option for first-time home buyers, millennials, and empty-nesters looking to downsize.”

Source: Freddie Mac  

I read this article at: Realtor Magazine

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the upmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

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Berkshire Hathaway HomeServices – Drysdale Properties

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The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.

 

Do Low Down Payments Make Mortgages More or Less Affordable

Do Low Down Payments Make Mortgages More or Less Affordable

File this question under “it depends.”

It’s true that loans with down payments of 20 percent or more cost borrowers less over time than low down payment loans. Low down payments leave larger principals to pay off, and those principals create more interest over time. Low down payment loans also require mortgage insurance.

However, a low down payment itself can actually boost affordability by getting you off the sidelines and into a home of your own sooner.

Let’s look at the numbers.

 

At current interest rates and based a median family income, you’d need about 22 percent of your income for monthly payment with a 20-percent-down mortgage and about 24 percent with a 3.5 percent down payment. And, should rates rise to 4.75 percent by the end of this year, a buyer putting 20 percent down would pay about 25 percent of his monthly income and a buyer using a low-down payment loan at 3.5 percent down payment would pay about 28 percent of the buyer’s monthly income.

While 20 percent isn’t necessary and isn’t even the average (7.6 percent), it will help reduce the monthly payment simply because your total mortgage loan is less than with a lower down payment. But, it’s important to evaluate the cost-benefit of a lower down payment.

Why low down payments help

Forgoing a low down payment today to save for a 20 percent down payment in the future changes the equation for first-time buyers. With home prices and rates on the rise in 2018,  affordability will likely worsen in the months ahead.

In fact, a recent survey by Apartment List found that it takes many millennials a decade or more to save enough to make a 20 percent down payment. By that time, the costs of waiting so long will outweigh the advantages of a larger down payment.

Since 2012, it has been cheaper to buy than rent in most markets and rents today are consuming an even larger share of monthly disposable income. By the end of this year, rates could rise as high as 4.75 percent, and prices are forecasted to continue to rise in 2018. Rising rates and prices will increase the cost of a 20 percent down payment for those who delay.

In the Barriers to Accessing Homeownership study released in November, analysts at the Urban Institute’s Housing Finance Policy Center concluded that “with rising home prices and interest rates, access to sustainable mortgage credit is often only possible with low–down payment loans.”

Evaluate your options

Don’t aim for a 20 percent down at all costs. Yes, it can help drive down your monthly payment, but you also want to ensure you have a strong financial cushion when you become a homeowner. And, if you wait too long, you may end up paying more with a higher interest rate and home prices.

Search for homebuyer programs available in your market and for your personal situation. You may find a program that can help with the down payment and/or closing costs.

Find a knowledgeable agent or lender who is eager to teach — you want someone who can help you evaluate all your options.

For more data and information on down payment trends from a variety of sources, subscribe to our monthly Down Payment Report.

I read this article at: https://downpaymentresource.com/low-payments-make-mortgages-less-affordable/

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office: 650-365-9200

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Please enjoy my personal journey through homeownership at:

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Buying a home? Here’s what the Equifax breach could mean for you.

Buying a home? Here’s what the Equifax breach could mean for you.

We should all be paying attention to the recent Equifax data breach, estimated to potentially impact the personal data of 143 million U.S. consumers. Not great odds considering that’s one third of the entire country. But, if you’re currently applying for a mortgage or buying a home, you need to stay extra alert.

Back up. So, what happened?

On September 7, Equifax revealed that hackers gained access to company data that contained sensitive information including social security and driver’s license numbers. You go to Equifax’s cybersecurity page to see if your data may be included in the breach, but there’s really no definitive way to tell. Just assume your data was impacted and play it safe.

Why is this such a big deal?

While data breaches are nothing new in recent years (think Target and TJMaxx), this one is especially sensitive due to the nature of the data as well as the shear number of consumers impacted. As one of the country’s three credit reporting companies, Equifax holds the keys to A LOT of your personal data — enough to do major damage including stealing your identity or even purchasing a home in your name.

At the same time, in today’s online, cloud-based world, any organization could be at risk.

“I’m not surprised that anyone gets hacked these days. If the Pentagon and White House can be hacked, any of the three credit agencies could, too,” said personal finance expert and syndicated real estate columnist Ilyce Glink, publisher of ThinkGlink.com.

What does this mean for homebuyers?

If you’re in the process of applying for a mortgage or buying a home, this credit breach couldn’t have come at a worse time. Housing columnist Ken Harney recently laid out a few scenarios that could impact your home purchase.

Hackers could create new accounts in your name that put you into debt and drain your FICO credit score. We know your credit score is at the center of your purchase–it determines what type of loan you qualify for and your interest rate. That’s a big deal considering most first-time homebuyers choose a 30-year loan.

Fraud can ultimately impact your ability to qualify for a home loan. Furthermore, getting your credit file corrected can take time and cause you to lose out on your home contact.

What can you do?

Check your credit report. The most important first step is to check your three credit reports free at annualcreditreport.com to determine if anyone has tampered with your accounts. It also provides you with a baseline credit report as you monitor for any changes.

Review your monthly statements. Don’t rely on auto payments for your credit card or other bills. Review your statements and be on the lookout for anything out of the ordinary.

Review your bank statements. Review your bank statements weekly. Set up mobile banking alerts so you know if any unplanned transaction takes place.

Fraud alerts. Consider placing a fraud alert on your files. It warns creditors to take extra steps to verify your identity before issuing credit in your name. To set up, contact one of the three major credit reporting companies and they will send your request to the other two bureaus.

Credit freeze. Although credit freezing isn’t typically recommended before a major purchase, experts including Terry W. Clemans, executive director of the National Consumer Reporting Association, now give this guidance. A credit freeze makes it harder for someone to open a new account in your name. Keep in mind that a credit freeze won’t prevent a thief from making charges to your existing accounts. You’ll have to contact each company to set it up and costs may vary.

File your 2017 taxes ASAP. This is the year to file your taxes early — take action before any scammer can. Tax identity theft happens when someone uses your Social Security number to get a tax refund or a job.

Credit reporting companies

Equifax: 1-800-525-6285 or www.equifax.com

Experian: 1-888-397-3742 or www.experian.com

TransUnion: 1-800-680-7289 or www.transunion.com

I read this article at: https://downpaymentresource.com/buying-home-heres-equifax-breach-mean/

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office: 650-365-9200

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

HomeSnaphttp://www.homesnap.com/Sabrina-Caton

Visit our Website at:   http://thecatonteam.com/

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Or YELP me:  http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Twitterhttps://twitter.com/TheCatonTeam

Connect with us professionally at LinkedInhttps://www.linkedin.com/in/sabrinawendtcaton

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

Click Here for Help with Down Payment Assistance Programs in California

Hello Fellow Californians!

I personally understand that struggle of coming up with the down payment to buy a home.  20% in any price range can be a daunting figure to save up for.  And if you’re buying in an appreciating market, for instance, the Silicon Valley – then sometimes you can’t save fast enough!

Thankfully the California Association of Realtors created a website where you can search for downpayment assistance programs statewide.  We added it to our website – please check out the link below…

http://thecatonteam.com/downpaymenthelp

We know you’ll have questions – so please feel free to contact us any time.

Call our desk at 650-568-5522 – you can also leave a message or email us at Info@TheCatonTeam.com

Prefer to send a text – happy to share my private cell!

 

The Caton Team Realtors is here to guide the way.  What can we do for you?

 

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

HomeSnaphttp://www.homesnap.com/Sabrina-Caton

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Co-borrowing on the rise: What makes for a smooth deal?

With so much talk about “Equity Share” and helping buyer get into homes – it’s time to talk about how it works.  Thought I would share this article BY LEW SICHELMAN

Co-borrowing on the rise: What makes for a smooth deal?

The most important consideration isn’t getting into a co-borrowing deal, but how all parties plan to get out of it.

Ever since Ugh married Meg and they could barely afford their first cave, there have been co-signers named Mom and Pop making mortgages possible.

But co-signers can come in many forms. Another relative, friend, employer, roommate, significant other or even an investor can agree to be on a mortgage that someone can’t qualify for on his or her own.

Nowadays, slightly more than one in every five houses purchased with financing in the first quarter — 22 percent — involved co-borrowers, according to Attom Data Solutions. That’s up from 20 percent for the same period last year and in 2015, when the real estate information company first began tracking the phenomenon.

The incidence of co-borrowers is even higher in 11 of the country’s largest cities. In Miami, a whopping four out of every 10 single-family dwellings purchased in January, February and March were bought with an unmarried co-borrower. In Seattle, the share of co-borrower purchases was 37 percent; in San Diego and Los Angeles, 28 percent.

The main reason homebuyers need co-borrowers is because they can’t qualify to purchase the house they want, says Attom Chief Economist Daren Bloomquist, who co-signed for his wife’s sister and her husband so they could afford to buy in pricey Southern California.

Housing prices are so expensive in some locations that without help, many buyers might be relegated to the rental market forever.

And some buyers don’t have the credit scores, credit histories or the debt-to-income ratios to buy, even at a reasonable price. On top of that, many buyers are looking at houses beyond their means.

Blomquist is seeing a rise in companies offering to help young buyers in exchange for a piece of the action in the form of shared appreciation. Outfits such as unison.com “are institutionalizing the idea of co-borrowing and shared equity,” he explained.

All of this begs the question: How should you approach a co-borrowing situation, both as a buyer and as a co-signer?

When co-borrowing gets complicated

The most important consideration isn’t getting into a co-borrowing deal, but how all parties plan to get out of it.

While clear heads prevail — when both sides are excited about the deal and there have been no disagreements yet — you should sit down together and decide how and when it will end.

It might make sense for the agreement to last long enough for the buyer to build up credit, income and cash reserves to eventually buy out the co-signer. But what if interest rates rise, and it’s unwise for the buyer to seek a new loan? In that scenario, the deal might include some kind of buffer, either a period of time or a certain mortgage rate.

The main point to parse is what share of the profits the co-borrower will be entitled to, if there are, indeed, any profits to split. A relative may not want anything in return — thanks, Mom and Dad! — but a less partial signer might want a healthy chunk.

It’s easy to identify profit if a buyer agrees to sell and move on. But if there is no sale, the parties will need to know the home’s value at the time the deal is to be dissolved.

An appraisal, the cost of which should be borne equally, is in order in this case. But if one side or the other disagrees with the valuation, it might be a good idea for each party to pay for their own appraisal. If there is any difference between the two, one option could be to split the difference down the middle.

The parties should also have a plan for if the value of the property goes down: Will the co-signer share in the loss, and to what extent?

Another aspect of the deal that people tend to forget is improvements made to the property during the co-owner period. Usually, the buyer foots the bill for things such as landscaping and an addition. But will he or she have to share in the value these and other features that add to the home’s worth?

Co-signers on the mortgage are not on the title and have no ownership interest in the place. Yet their own debt-to-income ratio could take a hit because they have incurred debt by co-signing. Consequently, their ability to obtain their own mortgage, home equity loan or even a credit card could be limited.

Remember, too, that if a buyer doesn’t make the house payments as promised, the lender will come to the co-signer, who will be responsible not just for the payments but also late fees and, if it comes to that, collection fees and lawyer’s fees. Late payments are likely to take a heavy toll, as is a co-signer’s personal relationship with the buyer.

To protect themselves and keep tabs on “tardy alerts,” co-borrowers should insist that both they and the buyer be billed separately by the mortgage company.

Lew Sichelman’s weekly column, “The Housing Scene,” is syndicated to newspapers throughout the country.

The Caton Team is comprised of Susan and Sabrina Caton – a mother/daughter in law team.  We are full time, local Realtors with over 25 years of combined Real Estate experience.  How can The Caton Team help you?

I read this article at: https://www.inman.com/2017/08/30/co-borrowing-on-the-rise-what-makes-for-a-smooth-deal/

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office: 650-365-9200

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

HomeSnaphttp://www.homesnap.com/Sabrina-Caton

Visit our Website at:   http://thecatonteam.com/

Visit our INSTAGRAM page:  http://instagram.com/thecatonteam

PINTREST: https://www.pinterest.com/thecatonteam/

Visit us on FACEBOOK:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

YELP us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or YELP me:  http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Twitterhttps://twitter.com/TheCatonTeam

Connect with us professionally at LinkedInhttps://www.linkedin.com/in/sabrinawendtcaton

https://www.linkedin.com/in/susancatonrealtor

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

5 Little Tips That Will Save You So Much Money

Saving money for a downpayment on a house is a huge task.  I know – I’m doing it.  So when I saw this article – I had to share it!

5 Little Tips That Will Save You So Much Money

By Beth

Saving money is the key to a successful life. You need to have money stashed away for a rainy day, just in case you want to take a trip, plan the wedding of a lifetime, buy a car or something unexpected happens. When you’re looking for the best way to save money quickly, it’s easy to try too hard or put too much of your income away. Like all things in life, the best way to save money fast is to do it little by little. Don’t forget the 50/20/30 rule and do the rest as you go…

1. Have a no spend weekend

You’re less likely to spend money at work, besides lunch and travel expenses. It’s during the weekend when most of us go shopping crazy. From eating out to buying new shoes, it feels good, but it’s better to have a no spend weekend once in a while. Don’t order food, don’t eat out, and plan your meals beforehand. Go out and do something that doesn’t involve spending money, and put aside what you were planning to spend on new clothes once the weekend is over!

2. Automate it

If you’re truly terrible with money, set up a direct debit from one account to another. Start small and build it up. The less you feel it coming out of your account, the easier it will be to build-up large amounts in savings. If you add up the automated payments you make to subscription services you’ll probably be surprised how much you’re spending a year.

3. Waste less food

Plan your meals on a Sunday, eat your leftovers for lunch and keep track of your food waste bin. It might not feel like you’re saving money by eating yesterday’s dinner over your desk but it’s estimated that you’ll save around $500 a year. It doesn’t feel like much but it goes a long way.

4. Learn delayed gratification

It’s something that we forget as we get older, but when you see something you really want, part of the reward of adulthood (and working hard) is that you can actually get it. But if you delay that gratification, save the money for it first and buy it at the very end of the month (before your next paycheck), you get to feel like you’ve earned it, which makes the treat much sweeter.

5. Get a financial advisor on your phone

My must have when I’m keeping track of my incomings and outgoings is Daily Budget. Career Girl Daily’s co-founder Ellen introduced me to it a while ago and I haven’t looked back. It’s come in handy when buying my first ever house, paying bills, and saving money to buy expensive coffee tables. It tells you how much you should spend a day, and how much you should save in order to reach your savings goal. Genius.

The Caton Team is comprised of Susan and Sabrina Caton – a mother/daughter in law team.  We are full time, local Realtors with over 25 years of combined Real Estate experience.  How can The Caton Team help you?

I read this article at: http://frame.bloglovin.com/?post=5817666551&blog=13517561&frame_type=none

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office: 650-365-9200

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

HomeSnaphttp://www.homesnap.com/Sabrina-Caton

Visit our Website at:   http://thecatonteam.com/

Visit our INSTAGRAM page:  http://instagram.com/thecatonteam

PINTREST: https://www.pinterest.com/thecatonteam/

Visit us on FACEBOOK:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

YELP us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or YELP me:  http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Twitterhttps://twitter.com/TheCatonTeam

Connect with us professionally at LinkedInhttps://www.linkedin.com/in/sabrinawendtcaton

https://www.linkedin.com/in/susancatonrealtor

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive.  What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

Is Mortgage Insurance Really Worth It?

Is Mortgage Insurance Really Worth It?

If you’re considering a low down payment mortgage—less than 20%–you may have heard you’ll need to pay mortgage insurance (also known as MI, private mortgage insurance or PMI, and mortgage insurance premium or MIP) in addition to your monthly mortgage payment. While it adds another monthly payment to your mortgage, it may also help you get in a home sooner. Let’s look at your options and some hidden benefits of MI.

What is mortgage insurance?

MI helps manage risk for your lender and protect them if you fail to repay the mortgage, making the loan safer for investors. Investors have set parameters that loans must meet before they are purchased. One key parameter is that the mortgage has a loan-to-value ratio of at least 80%, meaning that the borrowers have made a 20% down payment.

MI was created to help more buyers get over that hurdle and afford to buy a home. With MI, you can put down less than 20% and still become a homeowner.

But, is MI really worth it or should you wait until you have 20% down?

Benefits of mortgage insurance

Before you write off mortgage insurance, let’s look at how it may provide valuable opportunities and options to you as a homebuyer.

Increased buying power. Say you’ve saved $20,000. You can use that cash to put 20% down on a $100,000 home OR you could make a smaller down payment on a more expensive home — for example, 10% down on a $200,000 home.

Expanded cash-flow options. Using MI to finance your mortgage, you can elect to put less money down and still have funds for home-related purchases and repairs or investments. For example, rather than putting 20% down ($40,000) on a $200,000 home, you could put down 10% ($20,000) and use the other $20,000 to remodel.

Lower monthly payments. If you have good credit, you may be eligible for lower borrower paid MI rates.

Predictable monthly payments. A fixed-rate mortgage with MI provides you with a locked-in monthly payment that will not increase and that will be reduced when MI coverage is cancelled.

Mortgage insurance may be cancelled. On most loans with MI, coverage must automatically be cancelled by the lender when the loan reaches 78% of original value through amortization. MI also may be cancelled when extra payments bring the loan below 80% of original value. Contact your loan servicer for a full description of cancellation requirements.

FHA or Conventional loan?

FHA is known for their low down payments for first-time homebuyers, but consider all your options. Many conventional fixed rate loans offer lower than FHA’s 3.5% down. Plus, when you use a fixed rate loan and borrower paid MI, you can cancel your mortgage insurance when you reach 20% equity in your home. With FHA, you must continue to pay MI for the life of the loan.

Down payment programs can give you a boost

Don’t overlook the homeownership programs available in every community. These programs offer grants and loans that can fund your closing costs and down payments, helping supplement your down payment savings and get you closer to that 20% threshold faster. Find out what programs may be in your area.

How do you pay for MI?

Talk to your lender about MI plans available. There are borrower paid and lender paid plans. If you have a higher credit score, you may get a reduced rate with a borrower paid plan. With lender paid plans, the MI premium is usually built into the mortgage interest rate or the origination fee. If a lender says they have a “no MI” option, look at all the fees and ask how MI is calculated.

Should you buy now or wait?

Take some time to evaluate your personal situation. Interview multiple lenders and shop your loan. It’s important to get your financing locked down before you begin shopping for homes. MGIC, a mortgage insurance provider, offers a calculator that can help you assess whether you should buy now or wait.

Contact The Caton Team any time with all your Real Estate questions.

The Caton Team is comprised of Susan and Sabrina Caton – a mother/daughter in law team.  We are full time, local Realtors with over 25 years of combined Real Estate experience.  How can The Caton Team help you?

I read this article at: http://downpaymentresource.com/mortgage-insurance-really-worth/

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