The Flex 97 is a great alternative to FHA financing for your borrowers with higher credit scores purchasing properties that need no repairs. I recent did a comparison on FHA vs Flex 97 & the monthly payment was over $16/month lower & the buyer only had to come up with 3% down vs 3.5% downpayment on FHA. Lower monthly payment & less downpayment- win-win for the buyer!!
The rate may be slightly higher but the Mortgage insurance is lower since FHA recently raised the monthly insurance premium to 1.15%. Source for downpayment can be a gift just like FHA.
Ask your mortgage loan officer about the Flex 97 mortgage today! Call 440.452.3894 for more details or an application or visit www.firstplacebank.com/lizschneider.