Lake Area Mortgage

Smart Start 97

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Smart Start 97

Put as little as 3% down on your home with Smart Start 97.

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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.
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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
[/av_textblock] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] 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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