Expo Has Tips on Qualifying With 5% Down
A growing number of banks, S&Ls; and other commercial lenders are promising to loosen their requirements for low-down payment loans. This could be good news to strapped borrowers.
Learn how to qualify for loans with as little as 5% down at the first Los Angeles Times’ Low-Down Home Loan Expo from 10 a.m. to 4 p.m. Saturday, Sept. 24, at the Burbank Hilton Convention Center, 2500 Hollywood Way, Burbank.
Some lenders are offering low-down loans that don’t require private mortgage insurance (PMI) and permit borrowers to tap a generous relative or parent who is willing to give them the entire 5% down payment.
Fannie Mae’s Community Home Buyers Program, which is originated by private lenders, allows first-time buyers with little cash to obtain 95% financing. And borrowers may put down only 3% of their own money, with the remainder permitted in the form of a gift from family members, a government program or nonprofit agency.
The cost of the all-day consumer education event is $5, but clip the discount coupon in the ad in today’s Real Estate section and save $2.
To get more details about the Expo, call TimesLine at 808-8463 and press star 9420, or see the ad on K4.
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