The Client

Our client was relocating to a new city and was looking for a home big enough for his family that was within his monthly budget.

  • Loan Type – Condo Purchase
  • Program – Conventional Home Possible 3%
  • Sales Price – $199,220
  • Rate – 4.875%
  • Required Down Payment – 3% ($5,977)
  • Payment – $1,808

Client Requirement

The client relocated from California to metro Atlanta and needed to purchase a condo big enough for his growing family. The client was adamant about putting down as little as possible, but needed to maintain a payment within his budget. The other main requirement was being able to purchase something at the high end of his budget. He wanted to make sure the home would be in the right area for future resale or rental opportunity.

Loan Challenges

The main challenge here was to find a program that would allow for a conventional loan since it was a condo, low-down payment and reduced mortgage insurance. Staying under a specific amount for a monthly mortgage budget was key for this client.

The Challenges

  • Needed a conventional program that would allow a low down payment.
  • Reduced mortgage insurance a plus to keep payment low.
  • Must stay under a certain amount per month on mortgage payment.

Our Solution

We researched all 26 lenders and banks that we work with and found a perfect program that checked all the boxes. The program was the Freddie Mac 3% Home Possible program for first time home buyers. It offers a low-down payment, reduced mortgage insurance and offers competitive rates, especially on a condo purchase.

The Results

We were able to secure financing for an amazing condo, in the right zip code, for just the right price. We were able to get the client approved fast and had their loan closed within 28 days.

  • We found a loan program that catered to a low down payment as well as flexible guidelines to help our client get the home they wanted.
  • Client was able to purchase their new condo in less than a month.
  • The monthly payment ended up being exactly what they expected.