Low down payment: Mortgage insurance
Qualified borrowers can make down payments as low as 3% with private mortgage insurance, or PMI. For most borrowers, PMI costs less than FHA mortgage insurance. But PMI has stricter credit requirements.
PMI has another edge over FHA: Once your mortgage balance is under 80% of the home's value, you can cancel PMI. You can't get rid of FHA insurance unless you refinance into a non-FHA l
For more details please call Robert Krowel at 951.756.3748
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