A Low Down Payment Mortgage may save you thousands versus FHA.
Why choose DuPage Credit Union for a Low Down Payment Mortgage?
How does our Low Down Payment Mortgage compare to FHA?*skip to disclosure
You'll save $67/month while paying mortgage insurance and $200/month after mortgage insurance is no longer required.
That's a savings of $60,000 over the life of a 30-year loan.
|Low Down Payment Mortgage||FHA Loan|
|Down Payment||3% Down = $6,000||3.5% Down= $7,000|
|Upfront MIP||$0||1.75% Upfront MIP = $3,378|
|Monthly Mortgage Insurance||$133.00 until 20% paid (80% LTV)||$217.00 for life of the loan|
Homeowners insurance required. Single-Family homes only in Illinois. Does not include 2-4 flat or apartment complex financing. Max Loan to Value (LTV) is 85% for Purchase, 75% Refinance or Cash-out Refinance for up to four properties. Other restrictions apply to more than four financed properties. Consult a tax adviser regarding deductibility of interest. Must be a Member in good standing. Other restrictions may apply.
PMI will drop automatically at 78% LTV, but may be requested in writing once your loan hits 80% LTV from the original value.
The rate lock period is 50 days.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.