Austin Home mortgage Financing up to $417,000 still available

Fannie Mae and Freddie Mac both introduced no-money-down options some time ago, with the interest rates on such products being slightly higher than for those that have down payments. The difference in rate for a 30-year fixed loan with 5 percent down and one with no money down usually varies by about .5 percent. And being Fannie and Freddie loans most every lender on the planet offers them.

The difference in payment on a $200,000 loan would be about $65 per month. Not a lot, but certainly something to consider. That $65 can add up over several years, so many might hesitate to take a zero-down loan. Perhaps sit this one out and save up some money or get a grant or a cash gift from a well-to-do family member. Not bad work if you can get it. But if you’re convinced that rates will soon move up much more than .5 percent on their own then in fact it might be something to consider.

Email Jon Spears at jon@mylendingplace.com. Or call our office at 577-2958. 

 Or if you’d like to apply for a zero-down home loan: (secure website) https://mylendingplace.securesites.net/application/