A Conventional Home Loan in Jupiter, FL at 5% Down

Every week I hear a common misconception that in order to get a Conventional home loan in Jupiter, FL you have to put 20% down. This is not true at all. In fact, many of today's home buyers in Jupiter, FL call in for a FHA loan because of this misconception. Most lenders will hear a request for FHA, and not think twice about providing that exact home loan, when they should actually be checking to see if the client qualifies for a Conventional 5% down loan.

A Conventional 5% down loan saves Jupiter, FL home buyers thousands of dollars in Mortgage Insurance! That is why anytime our clients call in for a FHA loan, we refer them to Family Mortgage to make sure that it is the best fit. When it is not, and they can go Conventional, Jupiter home buyers are overjoyed when we get to tell them they will save thousands over the long term.

Below is the difference in the typical FHA vs. Conventional Scenario ($100k Loan Amount):

FHA Home Loan in Jupiter, FL

3.5% down - $3,500

1.75% Upfront Mortgage insurance premium - $1,750 at closing

1.25% Monthly Mortgage Insurance - $104 per month 

Conventional Home Loan in Jupiter, FL

5% down - $5,000

NO Upfront Mortgage Insurance - $0.00

.67% Monthly Mortgage Insurance - $56 per month

As you can see, the client needs to have a little bit more money for down payment, which is one reason this won’t work for everyone. But, they save $1,750 at closing, and almost half in monthly Mortgage Insurance.

Your client’s will LOVE you when you turn them on to a Second Opinion quote with Family Mortgage to save them thousands. Family Mortgage in Jupiter, FL can turn pre-approvals around in hous, not days like many other mortgage companies! Closings on time – not having to ask for extensions!

For more information on home loans in Jupiter, FL, contact Evan McDonough with Family Mortgage at 561.889.9699. And as always, contact Dylan Snyder with the Snyder Group for information on Jupiter real estate for sale. 

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