HomeSteps
Special Financing
Sample Savings at Closing
Your
savings
may differ. |
HomeSteps
Special Financing |
FHA
Financing |
Conventional
Financing |
| Origination
Fee |
$950.00 |
$973.00 |
$950.00 |
| Application
Fee |
$350.00 |
$0.00 |
$250.00 |
| Credit
Report |
$50.00 |
$50.00 |
$50.00 |
| Processing
Fee |
$0.00 |
$275.00 |
$275.00 |
| Appraisal |
$0.00 |
$250.00 |
$300.00 |
Mortgage
Insurance
(Annual) |
$0.00 |
$2,192.00 |
$712.00 |
| Total
Costs |
$1,350.00 |
$3,740.00 |
$2,537.00 |
| |
Your
Savings with HomeSteps |
$2,390.00 |
$1,187.00 |
Assumptions: All figures are based on a 30-year fixed-rate
mortgage with an interest rate of 8%. A sales price of $100,000
was used with a 5% down payment for HomeSteps Special Financing
and Conventional Financing. A 3% down payment was used for FHA
Financing.
Approval Qualifications:
All loans are subject to credit approval. Prequalification
is not loan approval. Buyers must have 5% of the sales price and
close within 30 days of escrow. Gift funds of 2% allowable on
95% LTV, owner-occupied purchases. Gift funds are defined as funds
given to purchaser by a family member, or an agency in which the
amount given is not to be repaid. The gift funds cannot become
a lien on the chain of title. Qualified borrowers must meet normal
Freddie Mac underwriting guidelines, and home must qualify for
Special financing. No buydowns or assumptions. No rate extensions.
Certain restrictions may apply. Contact Special Financing lender
for details of program. Program and rates subject to change without
notice.
Unlock your savings by contacting one of our
lenders today.
Use our
Mortgage Calculator.
For current interest rates, call our 24-hour rate line:
toll-free 888-882-6276
HomeSteps
5000 Plano Parkway • Carrollton, TX 75010
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