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RIDDLE: What is 3% down and not an FHA loan?


This loan has been obsolete for quite some time. Yet, William Raveis is now RE-Introducing it for loan amounts up to $417,000. 

How is this a competitive advantage- you might ask?? 

William Raveis is getting this opportunity to re-introduce a 97% loan with Mortgage Insurance because of our distinction as a lender in the top 1% of all national lenders on FHA loans. So, we are going to have this opportunity while our competition must rely on FHA or loans under 90% or even 80% in order to get borrowers through.


Remember, as much as we all appreciate FHA being there to take up some of the slack left behind by the defunct sub-prime lenders, borrowers need to pay 2.25 points and be subjected to stricter guidelines in order to attain FHA financing. Borrowers still need to qualify with full documentation, of course, and must have no greater than a 45% Total Debt Ratio, including the monthly Mortgage Insurance cost. 

If you have any questions about how this works, please don’t hesitate to contact our mortgage lender, Betty Lauziere at 617-645-2715. 

Also, we are still selling with the potential end of the Homebuyer Tax Credit in mind, with 24 day lead time to closings, and exceptionally low rates that we do not expect to last.

30 yr Fixed Conforming is available at 4.875% and 

30 yr jumbo Conforming is down to 5.125% 

The best way to go on Jumbo/Non-conforming loans is still a 5 year ARM, which could be as low as 4% with the right parameters. This is almost 2% lower than the best 30 fixed Jumbo Non-conforming on the market.

All in all, this is a great time to buy, and a great atime to get financing through William Raveis Mortgage. 

Be well and stay warm!

Lesley Palmiter