The best low down payment loan is Coastlend’s 5% Down Conventional loan that has NO PMI. By avoiding expensive PMI your monthly payment will be much lower and you’ll be able to qualify for a higher loan amount. In some cases as much as $35,000 more just by avoiding the expensive PMI.
How does it work?
Instead of you paying the monthly PMI we pay it on your behalf therefore reducing your payment significantly. It’s a conventional loan so it works the same as other conventional loans. The rates are fixed and you have the standard choices of 30 and 15 year terms as well as any term from 10-30 years. Let’s say you want to retire in 22 years, then you could do a 22 year loan. That way your mortgage is paid off when it’s time to retire.
Can I use it for a refinance too?
Yes it’s available for Purchase and refinance loans. For a refinance all you need is 5% equity in your home. It’s a great option for getting out of a costly FHA loan or conventional loan with PMI.
What are the qualifications for the NO PMI loan?
The qualifications are the same as any other conventional loan and Coastlend has a streamlined process to get your loan closed in less than 30 days and on time. To see if you qualify you can quickly apply online by clicking this link, Apply Now, or give us a call at 843-388-5763. We have a team of people working on your behalf to make sure you get approved and closed quickly. The phone application only takes 2-3 minutes and we will have you Pre-Qualified within a few hours. Contact Coastlend Mortgage for your free approval now!