Ross Mortgage - Bob Lurie
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Robert Lurie248-952-5248 rlurie@rossmortgage.com Fax: 248-267-9329 4555 Investment Drive Suite 301 Troy MI 48098 
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203K FHA Mortgage This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10. |