Blog Articles from Allegiant Mortgage, LLC

Posted by Rose Tignor on February 12th, 2018 6:06 PM


     Unless you're getting a 100% loan such as USDA Rural Development, VA Loan, or other local grant type programs, a down payment is going to be required to purchase a new home.  There are down payments as low as 1% on special Conventional Loan Options or 3.5% for FHA loans, and if you haven't stashed away the necessary cash over time then using your tax refund is a perfectly acceptable source of funds for your down payment.  Unacceptable sources for a down payment are gifts that have to be repaid, loans or payday loans, unverified cash deposits into your bank account, and several others.  Closing costs are calculated on purchase price and loan amount so you are not penalized or charged more for not having a full 20% down payment.
     The average 2016 Tax Refund is estimated to be around $3,120 with one-third of filers already having filed and awaiting their refunds.  Don't allow this opportunity to have a down payment pass you by!  If you're not ready to buy immediately, set up a savings account or separate bank account in which your refund can remain separate from your regular funds. This will reduce the likelihood that you will be tempted to use the funds.  
     We have FHA loan options available for credit scores down to 580 and VA loan options available with credit scores down to 560.  Apply Here and put that tax refund to work!
Posted by Rose Tignor on March 2nd, 2017 11:08 AM

The Federal Housing Administration (FHA) has lowered its FHA Mortgage Insurance premiums from 1.35% to 0.85%. This represents a sizable savings for home buyers. For example, on a $250,000 loan this would result in a $104 per month reduction in payment compared to current MIP costs. The official HUD Mortgagee Letter can be found here: http://portal.hud.gov/hudportal/documents/huddoc?id=15-01ml.pdf

What does this mean for you as a homeowner? If you have an FHA mortgage it means you can lower your monthly payment with a Streamline Refinance.  There are several types of Streamline Refinances available but the easiest and cheapest is the No Credit Qualifying Streamline Refinance. This program does not allow any closing costs to be added to the principal balance so that you're not borrowing more than currently owe.  Here at Allegiant Mortgage we pay all the closing costs for you.  There's no appraisal and minimal documentation required.

Email or call us today to find out how much we can save you with this new program update for 2015!

Posted in:Program Updates and tagged: FHAFHA reduced MIP
Posted by Rose Tignor on March 8th, 2015 4:52 PM

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