This came in from Cheryll Pease, a loan office that I have worked with and really respect. She works with Southern Trust Mortgage. In response to the recent changes implemented on FHA loans, Southern Trust Mortgage is offering some excellent conventional loan packages! Read on…
An Alternative to FHA Loans from Southern Trust Mortgage
As I am sure you all are aware there are big changes in FHA fees starting April 1
- For loan with a LTV (loan-to-value) of 90% or greater the MIP (mortgage insurance premium) will be in effect for the full loan term.
- Loans with a greater than 95% LTV the MIP will be based on 1.35%
This can have a major effect on buyers.
BUT – Did you Know?
Southern Trust can offer your clients a conventional 30 year fixed rate mortgage with only 3% down – no upfront MI (mortgage insurance). This unique program can save your clients thousands of dollars over FHA – Lower down payment, lower MI payment! MI cancelled when LTV reaches 78% – Single premium option is available –
There are options for your clients to choose from – I just thought you might want to know.
Got questions? Here’s the loan office who passed the info on to me:
Sr. Loan Officer
So folks, if you’re looking into loan programs, this is good information and I recommend that you check with your lender to see if they can match this program. And if they can’t, give Cheryll a call!