
Are you dreaming of owning your first home but worried about the costs? Are you waiting to improve your credit score or save more money? Good news! Special programs are available to make homeownership more affordable for borrowers making less than the average Area Median Income (AMI) and first-time buyers. Let’s explore how you could save big on your mortgage!
Who Can Benefit?
- First-time home buyers (haven’t owned a home in the last 3 years)
- Buyers with incomes below the Area Median Income (AMI) for their location need not be first-time home buyers
- What’s in it for You?
- Lower Interest Rates: Save up to 1.75% on your mortgage rate fees
- Reduced Mortgage Insurance: Pay less each month to protect your loan
- Low Down Payment Options: Get started with as little as 3% down
How Much Could You Save?
Let’s look at an example:
Sarah, a first-time buyer with a credit score of 620, saves $440 per month on her $475,000 home loan thanks to these discounts. That’s $158,000 over a 30-year mortgage! This is equal to the rate she would pay if her credit score was 720
Understanding AMI Categories
Your savings depend on your income compared to the Area Median Income (AMI) based on the address of your new home. Go to the Fannie Mae Lookup Tool to check for yourself. Here’s a quick guide for King and Snohomish Counties:
- 100% AMI: Up to $136,600
- 80% AMI: Up to $109,280
- 50% AMI: Up to $68,300
Not sure where you fall? We can help you figure it out!
Frequently Asked Questions
- Q: How do I know if I qualify? A: If you haven’t owned a home in the last 3 years or your income is below the AMI for your area, you likely qualify. Contact us to confirm!
- Q: Do I need perfect credit to benefit? A: Not at all! These programs are designed to help buyers with a range of credit scores.
- Q: How do I get started? A: It’s easy! Just reach out to us, and we’ll guide you through the process.
Ready to Take the Next Step?
Don’t miss out on these amazing savings! Contact Mike Peacore at Blue Square Mortgage today to explore your options and start your journey to homeownership.
đź“ž Call: (206) 352-6453
📧 Email: info@bluesquaremortgage.com
Thanks to these discounts, you can buy your new home much sooner than you thought possible.
Don’t wait – let’s make your homeownership dreams a reality today! Close on your new home now. You can continue to improve your credit score to save the next time you finance and pre-pay your loan if you like to get rid of mortgage insurance. This is like saving for your down payment after you buy. Buying sooner rather than later allows you to benefit from prices before they continue to rise and earn from your appreciating home value you would have missed out on if you waited.
These programs are for purchasing so continuing to improve your credit score and equity position after closing will help you reduce or remove mortgage insurance in the future as well as make it easier for you to refinance when rates drop.
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