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| Conventional 30 Year Fixed Rate Mortgage |
| FHA Mortgages |
| Veteran's Administration (VA) Loan |
| PHFA First-time buyer Loans |
| JUMBO Loans |
| 10% Down Payment with NO PMI! |
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Conventional 30 Year Fixed Rate Mortgage
This is the most common loan type. A 30 year fully-amortizing fixed rate loan gives you the stability of knowing what your payment will be each month. A conforming loan is one that is up to the maximum loan amount established by FNMA and FHLMC for the area in which the property is located. In Pennsylvania, that limit is approximately $417,000 (it goes up each year) A loan amount over this fugure is a 'JUMBO' mortgage. As part of the President's Economic Stimulus Package - higher loan amounts are available in certain high-cost areas. To see if a fixed rate loan is your best option - contact us today at info@leomortgage.com.
Term: 30 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 6% | 0% | 6.435% |
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| Rates are subject to change - don't delay - call today! Leo Mortgage (215) 542-9900 |
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FHA Mortgages
An FHA loan is one which carries the insurance of the department of Housing and Urban Development (HUD). Loans thru the Federal Housing Administration (FHA) require lower down-payment and more flexible underwriting standards. The FHA does not LEND money - they INSURE it. Because it carries the FHA insurance, lenders are comfortable lending on loans with lower down-payment. Currently - 3.5% is the minimum down-payment for an FHA loan. To learn if FHA is right for you - contact us today at (215) 542-9900 or email at info@leomortgage.com
Term: 30 years
Maximum Amount: $420,000
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Veteran's Administration (VA) Loan
With a loan thru the Veterans Administration (VA) eligable borrowers can finance up to 100% of the price of the home. In addition the VA funding fee is financed into the loan allowing the Veteran to keep the total money needed to a minimum. If you are a member of the Armed Services, you have earned this valuable benefit. Call Leo Mortgage for all the details.
Term: 30 years
Maximum Amount: $417,000
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PHFA First-time buyer Loans
Actually, you do not need to be a 1st-time buyer in certain 'target' counties. For the right buyer this is a tremedous tool. It allows the borrower to put as little as 3% down-payment (zero down - if you are a Veteran) and get a below-market interest rate through the Pennsylvania Housing Finance Agency. We have worked with PHFA for over 20 years and have extensive know-how on the ins and outs of this loan. In fact - you MAY qualify for closing costs assistance thru PHFA or any of the numerous Grant providers we work with. Certain income and sale price limits apply - call for details.
Term: 30 years
Maximum Amount: $417,000
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JUMBO Loans
A Jumbo loan is one in which the loan amount exceeds the loan limit set by Fannie Mae and Freddie Mac for the area in which the home is located. In PA a JUMBO loan is >$417,000. Becasue they are not sold into the secondary market (FNMA & FHLMC) Jumbo loans are usually at a higher rate than conforming loans. Leo Mortgage offers a variety of Jumbo loans including the 'piggy-back' option of taking two loans (A conforming 1st with a fixed rate second loan) that may enable you to avoid the JUMBO pricing. For all the details - please contact one of our representatives today at (215) 542-9900 or info@leomortgage.com
Term: 30 years
Maximum Amount: $1,000,000
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10% Down Payment with NO PMI!
By using Leo's 80/10 program, you can put only 10% down and still NOT pay PMI! Call Leo Mortgage for details on this creative way to replace the dreaded PMI with a tax duductable payment that builds equity in your home each payment!
Term: 30 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 5.5% | 0% | 5.922% |
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| With the 80/10 - you have a choice of products for the second loan. You can choose a fixed rate, balloon or a home quity line of credit. Call for all the details (215) 542-9900 |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $16,680. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $30,000. Your actual APR may be different depending upon these factors.
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