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1st
Mortgage of Illinois, Inc. offers a variety of programs designed to get 1st-time
homebuyers to qualify and afford more of a home with less out of pocket
expense.
We offer several programs that are
alternatives to traditional home buying scenarios, for example:
FHA 30-Year Fixed Rate @ 5%
Here's an example for the Purchase of a home with a sales price of $350,000.00.
This is a single family detached owner-occupied transaction. Rates are
subject to change without notice. The 1st year rate is 5.000% with an APR
of 7.214%. FHA Maximum mortgage amount changes by county.
Click here to look up
the FHA maximum mortgage for your county
| Scenario:
2/1/0 Buydown |
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Loan Amount (97%) $339,500.00, $344,592.00 with financed Mortgage Insurance
Premium
Estimated Real estate taxes: $437.50 per month
Estimated Homeowner's insurance: $50.00 per month
Estimated closing date: 5-31-08, in DuPage County
12 payments @ 5%, 12 payments @ 6%, remaining term @ 7%
No pre-payment penalty, this is not a stated income program
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| Cash at Closing
Requirements |
Estimated Monthly Payment |
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Down Payment: $10,500
Estimated Closing Costs: $1,789.00
Estimated Prepaid Items: $2,953.39
Less seller tax proration (105% at 11
months): $5,053.13
Cash required to close: $10,189.26 (2.9%) |
P&I: 1849.84
Real Estate Taxes: $437.50
Homeowner's Insurance: $50.00
Monthly MIP: $145.83
Total Payment: $2,483.17 |
For any questions or inquiries, please call 1-888-600-3662 and ask for one of
our experienced licensed loan officers.
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