Actual Cost of House (Current) = Sales Price- Seller Concession - 3 Year Buy Down Saving = $535,000-$30,000-$23,040 =
$ 481,960 *(4)
| Buy Down 3-2-1 Year by Seller Concession (2) | ||||
|---|---|---|---|---|
| Interest Rate | Mortgage Payment (P+I) | Monthly Savings | Yearly Savings | |
| 1st Year | 3.75% | $2,354 | $943 | $11,316 |
| 2nd Year | 4.75% | $2,651 | $646 | $7,752 |
| 3rd Year | 5.75% | $2,966 | $331 | $3,972 |
| 4th Year to 30 Year | 6.75% | $3,297 | $- | $- |
| TOTAL Saving | $23,040 |
Actual Cost of House (Current to 3 Years) = Sales Price - Total Savings = $535,000 - $39,564 =
$ 495,436 *(5)
| Owner Finance | Conventional Loan | Saving | ||||
|---|---|---|---|---|---|---|
| Interest Rate | Mortgage Payment | Interest Rate) | Mortgage Payment | Monthly Savings | Total Savings | |
| 1st Year | 3.50% | $1,922 | 6.50% | $3,021 | $1,099 | $13,188 |
| 2nd Year | 3.50% | $1,922 | 6.50% | $3,021 | $1,099 | $26,376 |
| 3rd Year | 3.50% | $1,922 | 6.50% | $3,021 | $1,099 | $39,564 |
Here’s an example of the Purchase with
Owner Finance, Conventional Loan, FHA Loan, Investment Loan, Buy Down:
| Loan Type | Owner Finance *(1) | Conventional *(1) | Primary Resident *(1) | Rental Property *(1) | Private Investor *(1) | FHA or Conventional *(1) | Buy Down/ 1st Year *(2) |
|---|---|---|---|---|---|---|---|
| Cash Down | 20% Down | 20% Down | 20% Down | 20% Down | 30% Down | 5% Down | 5% Down |
| Sales Price | $535,000 | $535,000 | $535,000 | $535,000 | $535,000 | $535,000 | $535,000 |
| Appraisal Value | $535,000 | $535,000 | $535,000 | $535,000 | $535,000 | $535,000 | $535,000 |
| Actual Cost of House (Current) | $495,436 *(5) | $535,000 | $535,000 | $535,000 | $535,000 | $535,000 | $481,960 *(4) |
| Down Payment | $107,000 | $107,000 | $107,000 | $107,000 | $160,500 | $26,750 | $26,750 |
| Loan Amount | $428,000 | $428,000 | $428,000 | $428,000 | $374,500 | $508,250 | $508,250 |
| Interest Rate | 3.50% | 6.50% | 8.00% | 9.50% | 6.95% | 5.85% | 6.750% |
| Term | 30 Year Fixed | 30 Year Fixed | 30 Year Fixed | 30 Year Fixed | 30 Year Fixed | 30 Year Fixed | 30 Year Fixed |
| Closing | Within 1 to 2 Weeks | Take 4 to 6 Weeks | Take 4 to 6 Weeks | Take 4 to 6 Weeks | Within 2 to 4 Weeks | Take 4 to 6 Weeks | Take 4 to 6 Weeks |
| Credit Score | No Need | Minimum FICO 680 | Minimum FICO 680 | Minimum FICO 680 | Minimum FICO 680 | Minimum FICO 620 | Minimum FICO 620 |
| Owner Type | Primary Resident | Primary Resident Only | Primary Resident Only | Primary Resident Only | Primary Resident Only | ||
| or Investment Property | Only Investment Property | Only Investment Property | |||||
| Document Request | No Need | Tax Return | Bank Statement or VOE | Bank Statement or VOE | No Need | Tax Return | Tax Return |
| Refinance | Any Time | Any Time | Any Time | 1/2/3 Prepaid Penalty | Any Time | Any Time | Any Time |
| Borrower Type | Foreigner OK | Only US Citizen, Green Card | Only US Citizen, Green Card | Foreigner OK | Only US Citizen, Green Card | Only US Citizen, Green Card | Only US Citizen, Green Card |
| Mortgage + Interst Payment | $1,922 | $2,705 | $3,140 | $3,599 | $2,479 | $2,998 | $2,354 |
| Mortgage Insurance | $- | $- | $- | $- | $- | $210 | $80 |
| Home Owner Insurance & Tax *(3) | $639 | $639 | $639 | $639 | $639 | $639 | $639 |
| Total Monthly Payment | $2,561 | $3,344 | $3,779 | $4,238 | $3,118 | $3,847 | $3,073 |
PPP is Option
APR is Vary from 3.50% to 9.99%
The Price Dates were *(1) 5/19/2023 and *(2) 6/9/2023
The interest rate is changed Daily Base
Mortgage Insurance and Property Insurance vary by Different Companies
Monthly Property Tax + Home Owner Insurance = $489 +150 *(3)
Note: No combined Seller Concession plus 3.5% Owner Finance Interest Rate, Choose one of them.
Here’s an example of the Cash Out Refinance with
HELOC Interest Only and a Regular 2nd Loan:
| Property Value | Mortgage Amount | LTV/CLTV | Interest Rate | Monthly Payment* | Cash Out | Note | |
|---|---|---|---|---|---|---|---|
| Current Mortgage | $1,322,000 | 3.50% | $5,936.37 | ||||
| 2nd Loan Only (30yr Fixed) | $2,193,264 | $432,611 | 60/80 % | 11.25% | $4,201.78 | $432,611 | |
| TOTAL Mos Payment | $10,138.15 | ||||||
| Current Mortgage | $1,322,000 | 3.50% | $5,936.37 | ||||
| HELOC I/O | $2,193,264 | $250,000 | 60/72 % | 9.50% | $1,979.17 | $250,000 | I/O 10 years |
| TOTAL Mos Payment | $7,915.54 | ||||||
| 2rd Loan Only (30yr Fixed) | $2,582,130 | $743,704 | 80% | N/A | |||
| New Mortgage (30 Year Fixed) | $2,193,264 | $1,754,611 | 80% | 6.88% | $11,526.55 | $432,611 | $22K DP Need to Pay |
| New Mortgage (10/6 ARM) | $2,193,264 | $1,754,611 | 80% | 7.00% | $11,673.47 | $432,611 | $10K DP Need to Pay |
| New Mortgage (30 Year Fixed) | $2,582,130 | $2,039,883 | 79% | 8.00% | $14,967.94 | $717,883 | Property Value could be higher. DP $31K |