If you think that you must pay a private mortgage insurance premium on your next home loan if you want to make a 10 percent down payment, you are happily mistaken. At MortgageDepot, we offer mortgage loans up to 90 percent loan-to-value without the expensive add-on of a mortgage insurance payment. This means that you can keep more of your hard-earned cash in your own wallet at closing. At the same time, you can keep your monthly loan payment as low as possible.
Are you an independent contractor or self-employed? Whether you fall into one of these groups or there is another reason why you are unable to fully document your income with paystubs and W-2s, this could be the right mortgage loan program for you. We can accept 12 months of personal or business bank statements to verify your income. What else should you know about this 90 percent LTV loan?
- Available for all owner-occupied residential properties
- Good credit scores required
- Co-signers and co-borrowers are permitted
- Available for up to $1 million on purchase loans
- Refinance loans are permitted up to $500,000
The mortgage insurance premium payment that is required on many other loan programs could make it cost-prohibitive to buy the home that you have your eye on. If you are refinancing, this premium may be a limiting factor on the cash-out funds available to you. Our 90 percent LTV loan program is the perfect alternative. To learn more about your financing options in full detail, contact one of our friendly mortgage originators for assistance.
Get in touch with one of our loan consultants for more information.
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