You don’t need a large down payment to open the door to Homeownership.
Considering buying a home, but don’t have enough saved for a traditional down payment? The Lake Area Mortgage Smart Start 97 program makes it possible for eligible buyers to finance a larger percentage of their home, leading to a smaller down payment requirement. In some cases, financing is available for greater than 100% of the home’s purchase price.
Smart Start 97 product highlights:
- Max LTV/CLTV 97%/105%
- Minimum Credit Score: 680 if LTV is over 90% and 640 if LTV is 90% or lower
- Mortgage Insurance may not be required if you qualify
- Occupancy Type: Owner Occupied Only
- Property Type: Single Family Residence, Townhome, Condo, Manufactured Home – double-wide only
While 3% doesn’t appear much lower than the 5% minimum down payment requirement on a conventional loan, the difference can be a matter of thousands.
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This is not a commitment to lend or extend credit. Restrictions may apply. Rates may not be available at time of application. This is not an offer to enter a loan agreement at a specific rate. An offer to enter into such an agreement may only be made pursuant to Minn. Stat. 47.206. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Lake Area Mortgage™ is a division of Royal Credit Union, 1200 County Road E., Ste 200, Arden Hills, MN 55112. NMLS# 543781.
