Combine FHA & Bond
April 23rd, 2008 categories: Julie's Mortgage Tips
Combine FHA and Bond and get into a home with very little money.
State bond money with 4% grant can be used for your down payment.
Example: Sales Price $200,000
Down Payment $6000
Loan Amt. $194000
MIP $2910
Total Loan Amt. $196910
3% Down Payment $6000
Closing $2800
Insurance & Taxes $5000
Total Cash to Close $13800
Subtract Bond Grant $7876
Seller Contribution $5500
Final Total Cash Needed $424
Pricipal & Interest $1218.81 plus insurance, taxes & PMI
Julie Baudier
Baudier & Grace Mortgage
((504) 583-1793
