Ready. Set. First Home.
We get it. Owning your first home is one of life’s most exciting milestones, and one of the largest purchase decisions you’ll ever make. It’s about drawing on the power to dream, and to make that dream a reality. At Mortgage Solutions, a wholly owned subsidiary of Vantage Credit Union, we help turn renters into homeowners, growing pains into growing gains, and silver anniversaries into golden years.
You’ve envisioned it. Your carpet, your wall colors, your backyard—your first home to call your own. Now, moving from the vision board to reality is within reach with our first-time homebuyer mortgage! Vantage Credit Union members and those eligible for membership, could buy a home* with as little as 1%** down, and better yet, you can use gift funds for your down payment! With an opportunity this exciting, you’ll be shouting it from the rooftops!
How does our first-time homebuyer mortgage compare to an FHA loan?
| 30-year Fixed Mortgage | First-time Homebuyer | First-time Homebuyer | FHA^ |
|---|---|---|---|
|
3% min. down payment |
1% min. down payment |
3.5% min. down payment |
|
| Home sale price |
$200,000 |
$200,000 |
$200,000 |
| Down payment |
– $6,000 |
– $2,000 |
– $7,000 |
| Upfront mortgage insurance |
+ $0 |
+ $0 |
+ $3,436 |
| Total loan amount |
$194,000 |
$198,000 |
$196,377 |
| Monthly MI rate |
.38% |
.41% |
.85% |
| Monthly mortgage insurance |
$61 (until 20% equity) |
$67 (until 20% equity) |
$135 (life of loan) |
| Total monthly loan payment†† |
$1,102 |
$1,130 |
$1,190 |
Our first-time homebuyer mortgage offers many benefits. Interested in purchasing your first home with a low down payment? Lower mortgage insurance payments or no upfront mortgage insurance premium? This mortgage loan offers all of this to first-time homebuyers. And with no upfront mortgage insurance premium to finance, you’ll build equity in your home faster.
Is the timing right?
According to St. Louis Realtors’ December 2021 Housing Report, St. Louis home prices at the end of 2021 were up 7.7% compared to the year prior and days on the market decreased 25 percent to around 27 days. Strong buyer demand and inventory shortages are predicted to persist over the next year. It’s a competitive market and interested buyers need to be prepared to act and pre-approved when they see a property they want.
Am I ready?
We get that your dream is to buy a home, not a mortgage. Still, when all is said and done, you’ll want both to fit your budget, lifestyle and plans for the foreseeable future. We’ll help figure out your price range and which loan program works best for you based on where you are financially. We can even help you through the pre-approval process so you’ll have more bargaining power when making an offer.
There are a wide variety of mortgages that could make it possible for you to find the home of your dreams and Mortgage Solutions has a mortgage loan that’s right for you, no matter what type you’re considering. We offer fixed, jumbo fixed, conventional, FHA and government mortgages, as well as a variety of terms ranging from 10- to 30-years. We’re ready to move when you are, and we’ll be there for you every step of the way!
Not sure what you can afford?
Interested in the first-time homebuyer mortgage, but not a member of Vantage?
Get the house of your dreams before it’s gone!
314.264.5325 • 866.533.1720
19 Research Park Court, St. Charles, MO 63304
mortgage@mortgsolutions.net
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*Property must serve as the primary residence, be less than 10 acres and not zoned agricultural. Subject to credit approval and program guidelines.
**A 1% down payment (99% LTV) on a 30-year, fixed-rate loan of $200,000 with an interest rate of 5.00% / 5.413% APR will have 360 monthly principal, a monthly mortgage insurance of $67 and principal and interest payments totaling $1,130. *** A 3% down payment (97% LTV) on a 30-year, fixed-rate loan of $200,000 with an interest rate of 5.00%/5.387% APR will have 360 monthly principal, a monthly mortgage insurance of $61 and principal and interest payments totaling $1,102. Payments shown do not include taxes and insurance. Actual payments will be higher. This is assuming a purchase transaction, 45-day lock, 740 FICO. Scenarios are intended for comparison purposes only and should not be relied on for actual rate quotes, Good Faith Estimates or other borrower disclosures. Comparisons are made at the highest LTV ratios allowed for the product. The content presented here is provided for high-level information purposes only. Products, rates and terms subject to change without notice. Consult a Mortgage Solutions, LLC Mortgage Loan Office for detailed requirements that apply to the First-Time Homebuyer and 30-year fixed rate mortgage products.
Mortgage Solutions, LLC (NMLS #277481) is wholly owned subsidiary of Members Resource, LLC a Credit Union Service Organization wholly owned of Vantage Credit Union. Not all loan products or terms are available in all states. Missouri Residential Mortgage License; Illinois Residential Mortgage License; Kansas Licensed Mortgage Company; Arkansas Licensed Mortgage Company. Mortgage Solutions, LLC dba Mortgage Solutions CU, LLC, Oklahoma Mortgage Lender. Equal Housing Lender.
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