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FHA 100% Financing Spring Board Loan Interest only loan

Federal Housing Authority (FHA) 100% Springboard Loan

This is a second loan that will cover up to 4% of your down payment! We are excited that they are offering this in Tennessee because of what an awesome program it is! With the Springboard FHA loan you only pay interest on a second mortgage! The interest rate is the same as your home loan but this type of loan does not require you to have Private Mortgage Insurance. (Typical PMI is around 1% of the overall loan compounded yearly, so $100,000 loan would have you paying $1,000 a year to PMI alone). The interest rate on the second loan would be less than $20 monthly (on $100,000 home) which equates to $240 a year saving you a lot of over the life of the loan. There are some income caps depending on the area that you live and a 660 minimum Fico Credit Score. This may compile up to 100% of the borrowers cash to close. One buyer must be a first time home buyer and be willing to have a 30 year fixed mortgage. Give us a call today and find out how you can get started with this great program!

 


Peoples Home Equity
8351 East Walker Springs Lane
Suite 200
Knoxville, TN 37923
Phone: 865.936.9100
Fax: 877.235.3633
Email: info@marissaandmargo.com

Testimonials

Completed transaction in December 2018 in Knoxville, TN.
From my initial contact (which was by accident) to my day of closing,I felt as if I was their only client. I thought I called another mortgage company but was so happy that I ended up working with Marissa (and everyone else). I received above and beyond customer service which always included detailed information regarding current or upcoming paperwork or tasks. Every person that I came in contact with was pleasant and happy to help with anything I needed. I will happily refer everyone I know ❤️
Kristy N.

It had been the easiest and best experience for something so stressful. Everyone was great love them all!
Auston B.
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Marissa French NMLS # 184740 & Margo Krogulski NMLS # 184738

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Cardinal Financial Company, Limited Partnership (NMLS ID 66247).

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