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This program offers a robust solution to the challenges faced by many prospective homeowners by putting less money down and lowering monthly payments by avoiding PMI.
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.
The program enhances homeownership accessibility for low-to-moderate income borrowers, making it a potential key to affordable homeownership1.
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.
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.
The absence of PMI keeps your monthly payments lower, especially beneficial for first-time homebuyers or those with tight monthly budgets.
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.
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.
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.
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.
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.
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.
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:
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!
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.
Resume from where you left off. No obligations.