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Short on down payment but can afford monthly mortgage payments almost as low as rent payments?

Then the 0.5% down payment is the program for you.

This is a great opportunity to purchase a property especially if you are a first-time home buyer. This FHA program is actually available for approved mortgage companies to offer to their clients. Not all mortgage companies are FHA approved, but Redondo Mortgage Center is.

For 22 years now, RMC has been in the service of the South Bay community, actually helping its residents with their home purchases or refinance needs. But not only does it offer various programs such as the 0.5% program, it's always maintained an open-door policy when it comes to its neighbors.

Redondo Beach residents freely walk in our office to just consult with our loan officers. They don't need to be buying a house or refinancing for us to entertain them, sometimes, they just have questions on credit or rates or the best time to buy investment properties. And always, always, it is a pleasure for us to meet and chat with them.

"Our approach is friendly, and neighborly." Says Aaron Anvaripour, an experienced loan officer. "We are here to help, not pressure our clients to get into something that they are unable to maintain." Unlike the big banks, we are concerned about the financial capacity of our borrowers, in the long-term. Because if something happens to their property, it drags the whole community down, the community where we have been operating for over 20 years.

This is precisely the reason why you should try to avail of the 0.5% down payment program from RMC. No.1, we're among the few who are FHA approved in the community. No.2 we will handle your transaction as if we were doing our own purchase or refinance. No.3 we guarantee that you will come back to us for your other home financial needs or refer your friends and relatives to us-90% of our clients are repeat clients or have referred others to our office. Now, that is the best advertising we can invest in.

So, let's show you how the 0.5% program works: 

This program is actually 99.5% of the total financing and is based on the combination of a 30-year fixed-rate FHA first mortgage and a 15-year fixed-rate second mortgage. Say for instance, the payment on a $313,625 30-year fixed-rate loan at 5.0% and 96.5% loan-to-value (LTV) is $1,700.44 with no point due at closing. The Annual Percentage Rate (APR) is 6.19%. The payment on a $9,750 15-year fixed-rate second mortgage at 8.25% is $94.59 with an APR of 6.013%. Total monthly payment is $1,875.32.

Some state and county maximum loan amount restrictions may apply and the actual rates may vary and are subject to change without prior notice.

If you live in the South Bay area, you would know that this is perhaps an average, or close, to a rental payment for a two-bedroom apartment. So wouldn't it be neat to pay this amount for a home you are actually owning and gaining equity for?

Think about it and call us if you have questions: 310-318-8999