Financial Wellness

Buying a House with No Money Down. Unitus Members Say Goodbye To Your Landlord.

a couple embrace in front of their new home

Buying a home is no small feat, but for those of us who have been thinking about owning a home, it just became more doable.

First-time homebuyers can now buy a home with no money down.*

If you were worried about buying a home because you couldn’t make a big down payment, this is your chance.

3 questions first-time homebuyers often ask about buying a house with no money down

1. Don’t I have to pay extra for PMI every month if I don’t put enough down?

Not anymore. You don’t need to put 20% down to escape the dreaded PMI (Private Mortgage Insurance). Now, Unitus Mortgage offers a 100% financed loan where you will never have to spend a dollar on PMI. Own your home. Get your loan. Don’t pay extra.

2. How big of a loan can I really get with zero down?

All of it. Most lenders offering 100% finance products today will limit you to a maximum loan around $300,000.

At Unitus you can get as much money as you would through a standard conventional loan – up to $453,100 – and we’ll work carefully to provide you a loan that works within the boundaries of your budget.

3. What are my options for loan term?

When it comes to the term, you can take your pick! If you’d like, you can choose the most popular home loan of all, the 30-year fixed.*

It’s used by nine out of ten homebuyers thanks to its low monthly payments and long-term reliability, giving you a stable interest rate you can rely on until the very last day of the life of the loan.

You can also choose a 5/5 ARM* (Adjustable Rate Mortgage) loan. Like the 30-year, this will net you a low interest rate with low monthly payments, at least for the first five years of your loan.

After the first five years, the rate will change every five years through the life of the loan. This can be a better option than the 30-year fixed if you know you are planning to move again within five years of buying your home.

That way, you can take full advantage of the outstanding introductory rate and low monthly payments without facing the uncertainty of the rates afterward.

There are some other special circumstances where this might work better for you than the 30-year fixed, and we’d be glad to help coach you through them.

The choice is yours!

Contact your Unitus Mortgage team at 503-423-8713 to talk through your options. You’re more ready than you think to own a home. We are always available to help.

Ready to buy your next home but need to make a repair or addition first?

Now you can make it happen without going out of pocket.

Our “Renovate” loan lets you finance that first big house project into your new home loan, so you don’t have to cut into your savings to make the upgrade.

Unitus will help vet the construction vendors with you and help ensure the work is done to a high standard.

We will work personally with you to see that your home is treated as well or better than we’d expect our own to be.

The loan works by giving you, the homebuyer, a loan amount based not on the value of your new home today, but on the expected value of your new home after repairs are made.

Don’t be turned away by the home that’s almost perfect but needs some work.

Now you can redo the kitchen floor. Repair the roof so you never have to worry about it again. Add an addition to make space for the new addition in your family! Spruce up your everyday experience with a completely redone master bathroom.

Make your dream of home ownership come true. Envision a better world for yourself and create it. We’ll be here to help.

Call us at 503-423-8713 to find out more and walk through a plan to say hello to your new home.

For members 62 and older looking to make extra income

Now you have the option to take out a reverse mortgage on your home and supplement your income. Members 62 and older now have another way to get cash for expenses such as home, medical, and living costs.

Many people are using this option to aid with their retirement planning and stay in their homes longer.

If you are supporting yourself through your savings, consider adding a little more income for your everyday living.

These are federally regulated and require consultation with an approved counselor in order to ensure it’s a good fit for you.

Call us at 503-423-8713 and see if a reverse mortgage option could work for you.

*30-year fixed rate with an interest rate of 4.750% and an APR of 4.920% the monthly payment amount is $1,174 (includes principal and interest) for 360 months. 5/5 adjustable rate first-time homebuyer with an interest rate of 4.750% and an APR of 4.887% the monthly payment is $1,174 for 60 months and $1,459 for 300 months. Payments do not include taxes or insurance premiums. The actual payment amount will be greater. All rates are based on owner occupied, one-unit, purchase transaction for members with excellent credit. Rates change daily and rates quoted are subject to change.

Posted By: Brad Goodenough

About the Author: Brad joined Unitus Mortgage in November of 2013. He began as a dedicated mortgage originator and has developed into a results-oriented sales manager focused on maintaining a high level of service and integrity across the Home Loan team. 

Throughout his career in financial services he has gained expertise in multiple lending platforms and local housing markets. He owes his success to his first professional priority: to add value to his community by sharing knowledge and always providing honest, reliable information.

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