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Mortgage Calculators: Scottsdale, Paradise Valley and Phoenix Arizona home buying, real estate listings, and homes for sale in Maricopa County, AZ
Welcome > Resources > Mortgage Calculators > Balloon Mortgages ...

 

The Best Scottsdale Home Mortgage Calculators On the Web!
 

Please try my Scottsdale Java Home Loan and Scottsdale Home Mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Each financial calculator also includes a View Report option. The mortgage repayment schedule and other reports are fully customizable. These reports are designed for you to print out and keep...
 

Arizona Home Buyers Solution - Down Payment Gift Program

"The One Percent Down Solution"

About the program:

The One Percent Down Solution Gift Program is designed to provide eligible homebuyers a gift of up to 5.5% of the sales price to be applied towards the FHA down payment and/or allowable closing costs for the purchase of a home.

Targeted towards quality affordable housing, approved homebuyers can purchase a home for as little as 1% down payment. The program also allows for the remaining 1% down payment to be gifted from any FHA allowable source.

The program is offered exclusevely through The Lending Company, a Direct Endorsed US Housing and urban Development lender. There is no requirement for the gift to ever be repaid. It is offered in concert with an IRS approved 501(c)(3) non-profit organization.

This is not a seller-paid down-payment assistance program and the seller is not required to participate.

Program Benefits:

  • The program provides up to a 5.5% gift to FHA qualified home buyers
  • Remaining down payment is as low as 1/2%
  • Seller can and is encouraged to contrbute towards the closing costs to further assist the homebuyer
  • Income requirements match FHA guidelines. Maximum allowable income to 215% of the HUD median income as determined by county
  • Competitive interest rates
  • Flexible FHA approval guidelines
  • Not limited to first-time homebuyers
  • Standard FHA appraisal
  • Owner Occupied purchase only
  • 1-4 units allowed
  • FHA approved condominiums allowed
  • Loan limits match FHA guidelines for each county
  • Minimum credit score of 620
  • Successful credit restoration allowed
  • Automated AUS/DU approve/eligible determination required
  • FHA qualified Non-occupant co-borrower/co-signer allowed 
  • No prepayment penalties
  • Must complete approved Home Buyer Counseling Course 


Are Balloon Mortgages For You?

A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.

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Definitions

Mortgage amount
Original or expected balance for your mortgage.

Interest rate
Annual interest rate for this mortgage.

Term in years
The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.

Monthly payment
Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.

Total payments
Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.

Total interest
Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.

Prepayment type
The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.

Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.

Savings
Total amount of interest you will save by prepaying your mortgage.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



Brian Young, REALTORŪ, real estate agent and broker for Scottsdale, Paradise Valley and Phoenix Arizona home listings, property and land for sale - NUMBER1EXPERT(tm)

BRIAN YOUNG PLLC, CDPE - Branch Owner / Manager
DOMINION REAL ESTATE PARTNERS, LLC
6619 N Scottsdale Road
Scottsdale
Arizona 85250
Office: (480) 990 - SOLD (7653)
Direct Line: (602) 405-3949
Toll Free: (800) 520-6692
Brian@ScottsdaleHomeGuide.com

Welcome, and thank you for visiting my web site. Whether you are looking to buy or sell real estate in Phoenix, Scottsdale, Carefree, Cave Creek, Paradise Valley, Fountain Hills or the greater East Valley, please contact me for the most up to date information and advice regarding homes, building lots, new construction homes, golf course properties, luxury homes, gated communities, horse properties, tennis properties and relocation. I am fully commited to providing superior real estate services to my clients.

CDPE Equal Housing MLS REALTOR


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