No PMI Required!

3% Down Mortgage with No PMI

This program offers a robust solution to the challenges faced by many homebuyers by putting less money down and lowering monthly payments by avoiding PMI.

Benefits

  • No PMI = significant monthly savings
  • Only requires a 3% down payment
  • Flexible credit guidelines make it easier to qualify
  • Great for buyers who are tight on cash

Eligibility

  • Minimum 3% down payment
  • Minimum credit score of 640
  • Property must be located within certain assessment areas
  • Income should be under 80% of the area median income or the property should be in a Low-to-Moderate Income (LMI) census tract

Our 3% Down Mortgage with No PMI program features a 3% down payment and eliminates the requirement for private mortgage insurance (PMI) – and offers exceptionally low, competitive interest rates. At JVM Lending, we want to ensure your home purchase is something you can comfortably afford over the long term.

 

Key Benefits of JVM’s 3% Down Mortgage with No PMI

  • No PMI: With a 3% down payment, you can bypass PMI, potentially saving you a significant amount of money over the lifespan of the loan.
  • Manageable Monthly Payments: Our program offers an array of mortgage terms and interest rates to help you find a monthly payment that fits your budget.
  • Flexible Credit Guidelines: Our program’s flexible credit guidelines can make qualifying for a mortgage easier.
  • Competitive Interest Rates: Unlike many other programs, our rates are competitive and on par with a standard conventional loan​.

 

Eligibility Requirements for JVM’s 3% Down Mortgage with No PMI Program

  • Down Payment: You must be able to put at least 3% down.
  • Minimum Credit Score: Applicants need a minimum credit score of 640 to qualify.
  • Property Location: The property must be located within certain assessment areas.
  • Income and Loan Limits: Your income should be under 80% of the area median income or the property should be in a Low-to-Moderate Income (LMI) census tract. The loan amount should not exceed the base conforming loan limit​ for the county the property is located in.

 

What Makes This Program So Powerful?

Homeownership Accessibility

The program enhances homeownership accessibility for low-to-moderate income borrowers, making it a potential key to affordable homeownership​1​.

Avoid PMI Altogether

With this program, you can bypass private mortgage insurance even without a 20% down payment​. This can amount to hundreds of dollars in monthly savings, and thousands of dollars in savings over the life of your loan.

Lower Upfront Cost

Compared to conventional loans, our program allows you to avoid PMI with as little as a 3% down payment, significantly reducing the upfront cost of buying a home​. JVM Lending can issue a lender credit to help cover your closing costs too, if needed.

Reduced Monthly Payments

The absence of PMI keeps your monthly payments lower, especially beneficial for first-time homebuyers or those with tight monthly budgets​.

 

Property Location: A Key Consideration

When considering JVM Lending’s 3% Down Mortgage with No PMI Program, it’s crucial to understand the property location guidelines. Our program is designed to bolster housing development and homeownership in specific assessment areas. These areas are often identified as regions where homeownership rates could benefit from targeted financial products.

For a property to qualify for our unique program, it must be located within these predefined assessment areas. This stipulation encourages investment in these locations, supporting the local economy and community development. Before proceeding with the application process, prospective homeowners should check if the property they’re interested in falls within these designated areas. Our team at JVM Lending is always ready to assist you in determining whether your property of interest is located within the qualifying regions.

 

Income and Loan Limits: Balancing Affordability and Risk

At JVM Lending, we’re committed to making homeownership more accessible while ensuring the financial security of our borrowers. This commitment is reflected in the income and loan limits set for our 3% Down Mortgage with No PMI Program.

To qualify for our program, your income should be under 80% of the area median income, or the property should be in a Low-to-Moderate Income (LMI) census tract. These income guidelines are designed to ensure that the program benefits those who need it most.

Additionally, our program stipulates that the loan amount should not exceed the base conforming loan limit for the county the property is located in. These loan limits are set to balance the affordability for the borrower and the risk associated with lending.

The base conforming loan limit varies by county and is adjusted periodically to reflect changes in average home prices. If you’re unsure about the conforming loan limit in your area, our team is available to provide the necessary guidance. By respecting these limits, we can ensure the sustainability of our program and continue supporting our mission of accessible and affordable homeownership.

Long-Term Impact of  a 3% Down Mortgage with No PMI

Not only does our program offer immediate financial relief, but it also provides substantial long-term benefits. Over the course of your mortgage, the money saved from not having to pay PMI can be significant. This saving can be used to pay off your mortgage faster, invest in home improvements, or even start saving for your future​.

 

Frequently Asked Questions

Who is eligible for JVM Lending’s 3% Down Mortgage with No PMI program?

The program is designed for homebuyers with a minimum credit score of 640. The property must be located within certain assessment areas, and the borrower’s income should be under 80% of the area median income or the property should be in a Low-to-Moderate Income (LMI) census tract. The loan amount should not exceed the base conforming loan limit.

How does this program compare to conventional loans?

Unlike conventional loans where borrowers typically must put down 20% of the home’s purchase price to avoid PMI, the 3% Down Mortgage with No PMI program allows borrowers to bypass PMI with as little as a 3% down payment. This significantly reduces the upfront cost of buying a home and makes homeownership attainable for those who may not have a large sum of money saved for a down payment.

How does the 3% Down Mortgage with No PMI program affect my monthly payments?

One significant advantage of this program is the potential reduction in your monthly mortgage payment. By eliminating the need for PMI, the program allows you to keep your monthly payments lower. This can be especially beneficial for first-time homebuyers or those with tight monthly budgets.

 

Your Journey to Homeownership: Applying for the 3% Down Mortgage with No PMI Program

Applying for the 3% Down Mortgage with No PMI Program with JVM Lending is a straightforward process, designed to put you on the path to homeownership as smoothly and swiftly as possible. Here are the steps to guide you along your journey:

  1. Contact JVM Lending: Contact our team at JVM Lending and we will help you determine whether you meet the eligibility criteria. We’re available seven days a week to answer your questions and guide you through the application process.
  2. Assessing Your Eligibility: This involves checking whether you meet the income requirements, ensuring your credit score is above 640, and the property you’re interested in is located in a qualifying area.
  3. Submit Your Application: You can fill out our online application at any point – the sooner it is submitted, the sooner we can start preparing your loan approval! Our application will ask for details about your financial status, employment, and the property you wish to purchase (if you’ve already found one). Be sure to fill out the form accurately and as completely as possible.
  4. Documentation: After submitting your application, you will be asked to provide documentation to support your application. This may include pay stubs, tax returns, and bank statements, among other things. Our team will guide you through this process to ensure you provide all the necessary documents.
  5. Underwriting: Once all your documents have been submitted and reviewed, your application will go through the underwriting process. This is where the lender will review all the information provided and decide whether to approve the loan.
  6. Loan Approval and Closing: If your application is approved, we’ll move forward to closing the loan. During closing, you’ll sign all the final documents, and the loan funds will be disbursed to complete the purchase of your home.

Remember, our team is here to assist you every step of the way, making the application process as seamless and stress-free as possible. With JVM Lending, your dream of homeownership is within reach!

 

Taking The Next Step With JVM Lending

Ready to make your dream of homeownership a reality? At JVM Lending, we’re eager to guide you through this exciting journey. Our 3% Down Mortgage with No PMI Program, with its 3% down mortgage, no PMI requirement, and very competitive rates, is designed to make homeownership more attainable and affordable. Programs like this don’t often come around, so we encourage buyers to take advantage of it now while it’s available!

Reach out to us today and let’s take the next step together. With our expertise and dedication to your success, we’re confident that your path to owning a home will be smoother and more rewarding.

Contact JVM Lending to get started or call/text us at (855) 855-4491 or start filling out your application here.

 

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