During the 4th quarter, clients saw interest rates go to their highest levels of 2016. This impacted all buyers but especially ones putting less than 20% down. In an effort combat this, we have begun proposing FHA mortgages with interest rates in the 3% range instead of conventional loans in the high 4% range. The result has been lower mortgage payments despite putting less money down.
This is a ideal proposal for clients purchasing one or two unit properties with either a 5% or 10% down payment. Please look at these payment scenarios for our client who just submitted an offer on a duplex in Mid-City.
This financing option was a no brainer! Not only were they able to put less money down but they ALSO saved on their monthly payment.
Email, text, or call if you have clients who may benefit from lower down payment option and would love an interest rate in the 3 percentile.
Happy Holidays from your Mortgage Capital Partners!
Thomas, Micah and Larisa