So the down payment option is reduced from 3.5% that FHA requires.
FHA also requires a 1.75% upfront MI fee and a monthly MI fee. Not sure how this will compare.
Right now the most interesting low down program is from Wells Fargo. They’ll offer you a no MI loan with 5% down at an interest that is only slightly higher than the market rate and but below what it would cost with a monthly mortgage insurance requirement.
Talk to Wells Fargo and to Citi to see who can be more competitive.
- Sunil Sethi
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