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Types Of Loans

     (1) CONVENTIONAL LOANS: 

  1. Down Payment as low as 5%
  2. Typically at least 20% is used towards a down payment.
  3. If less than 20% is used towards a down payment, you will be charged “Private Mortgage Insurance”.
  4. Maximum Loan Amount for Conventional Conforming $417,000
Example: With Private Mortgage Insurance 
Sale Price: $400,00
Down Payment (5% of $400,000)  $20,000
 
Sale Price:  $400,000
Less Down Payment  -$20,000
Mortgage Loan  $380,000
 
Payment: (4% interst rate for 30 years)
Principle and Interst $1,814
Taxes $417
Insurance  $84
PMI (.94) $298
Total Monthly Payment  $2,613 (With PMI)
Total Monthly Payment  $2,315 (Without PMI)

 

 

 

 

 

 

 

 

 

 


     (2) FHA LOANS (Federally Insured Loan): 

  1. Down Payment of 3.5% or less, based on the loan program
  2. Mortgage Insurance Premium is charged (1.00% of loan financed back into the loan). Seller can pay up to 6% toward buyer closing cost.
  3. Monthly Mortgage Insurance Premium is also part of your total payment.
  4. Maximum Loan Amounts:
    Bernalillo County   $271,050 
    Sandoval County    $271,050
    Valencia County     $271,050
Example: With Mortgage Insurance Premium
Sale Price:                              $200,000
Down Payment $7,000 (3.5% of $200,000)
Mortgage Insurance Premium (1.00%) $1,930 (1.00% of $193,000)
   
Sale Price: $200,000
Down Payment -$7,000
Mortgage Loan $193,000
Mortgage Insurance Premium +$1,930
Mortgage Loan Amount  $191,070
   

 

 

 

 

 

 

 

Payment: 4% interest rate for 30 years
Principle and Interest  $912
Taxes $166
Insurance $55
MIP (1.15 x $191,070= $2,197.31/ 12 moths $183
Total Monthly Payment $1,316 

 

 

 



   

    (3)  VA LOAN: Guaranteed Loan by the Veterans Administration 

  1. A VA Funding Fee is charged depending on down payment and if a Veteran has used his/her entitlement previously
  2. Maximum loan amount $417,000 no down.
Example: Veteran who has previously used their entitlement and is not putting down payment
Sale Price:  $200,000
VA Funding Fee (3.3%) Used  $6,600 (3.3% of $200,000)
Never Used (2.15%)  $4,300 (2.15% of 200,000) 
 
Sale Price: $200,000
VA Funding Fee Never Used  +$4,300
Mortgage Loan Amount  $204,300
 
Payment: (4% interest rate for 30 years)
Principle and Interest  $975
Taxes $166
Insurance $50
Total Monthly Payment  $1,191

 

 

 

 

 

 

 

 

 

 


    (4) Special Loan Programs

  1. New Mexico Finance Authority provides loans for first time home buyers.        
  2. Each program varies according to specific guidelines.

On considering loan type that will best meet the buyer needs, it is important to make the loan application before looking at homes. Reasons:

  1.   Determines what price range a buyer qualifies for.
  2.   Clarifies the loan process and what is required.
  3.   It makes the buyer a cash buyer and helps the Buyer’s Broker negotiate the best price on a home.
     

Please remember these examples are for illustration purposes only.

My goal is to make this process an enjoyable experience!

 

 

 

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