New House Hacker 5% down Program!

[Brie Schmidt]

As of 10am today the new 5% down program is live! I sat down with @Sam Sharp to do an instagram LIVE on the topic this morning.
This is going to be even better than the previous 5% down program for a few reasons:

• You do not need to be a first time homebuyer
• You can use this program up to 10 times per person (so a married couple can do 20 loans)
• No income restrictions
• Can be used in any location with no restrictions
• No self-sufficiency test
• No upfront mortgage insurance premium
• Rates are 1/8 percent higher than conventional
• PMI is comparable to FHA and drops off after you have 30% equity
• Loan limits of $978k for a 2 flat, $1.1 million for a 3 flat and $1.4 million for a 4 flat

So basically this is a dream loan product for house hackers and by far the best option I have seen in the last 10 years. Rates and still crap and inventory sucks in Chicago so I am still not expecting much till late April / early May. But if rates go down to the 6% range by spring I think we will see a lot of properties come on the market and a busy spring market with pent up demand