Realty ONE Group Advocates is excited to share details about the 1% down program offered by our in-house mortgage company, Foxtrot Motgage, LLC. Take a look below for more information...
Let's breakdown the math - we'll use $250,000 assumed purchase price, 30-year fixed loan with a 6% interest rate.
> You bring $2,500 for a down payment (0.1 x $250,000 = $2,500).
> Foxtrot Mortgage, LLC will facilitate a 2% grant to cover 2% of the loan amount (.02 x $250,000 = $5,000)
> Your monthly principal and interest payment is $1,453.91
> You can save up to $245 per month by not having to pay for mortgage insurance.
The coverage of $5,000 translates to reduced out-of-pocket expenses during your closing proceess. Plus, who wouldn't appreciate an extra $245 per month in their budget. Typically, mortage insurance payments remain until you hit 20% equity, which usually takes around 7 years. By this meaure, our clients stand to save an average of $20,500 over that span.
Click here to contact Mike Storti with Foxtrot Mortgage, LLC to Learn More or to Apply.