FHA Loan alternative

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.


About lizschneider66

Mortgage consultant with over 19 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news. I am Vice President of the North Coast Building Industry Association, Lorain County Association of Realtors, Working Women Connection and Womens Council of Realtors.
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