Vantage Point

Can You Buy a Home with Just 3% Down? Yes!

Mortgage Solutions, LLC, a wholly owned subsidiary of Vantage, is offering an exclusive mortgage only available to Vantage Credit Union members and those eligible for membership. Now, with as little as 3% down, you could buy a home,* and the funds can even be from a gift. This exciting new opportunity for anyone looking to purchase a home is a great alternative to an FHA loan!

How does our ReadyNow mortgage compare to an FHA mortgage?

30-year Fixed Rate Mortgage ReadyNow
97% LTV
4.625% Note Rate,
(APR 5.305%)
FICO Range 660 or Greater
FHA
96.5% LTV
4.00% Note Rate,
(APR 5.058%)
FICO Range 640 or Greater
Home sale price $150,000 $150,000
Down payment $4,500 $5,250
Upfront mortgage insurance (MI) rate 1.75%
Upfront MI cost $0 $2,533
Total loan amount $145,500 $147,283
Monthly MI rate .80% .85%
Monthly MI cost $97 $104
Monthly principal/interest payment $748 $703
Total monthly payment $845** $807**

Our ReadyNow mortgage offers many benefits. Interested in lower mortgage insurance payments? Or no upfront mortgage insurance premium? A ReadyNow mortgage offers you both. And with no upfront mortgage insurance premium to finance, you’ll build equity in your home faster.

Plus, the ReadyNow mortgage stays with Vantage. You’ll be able to make your payment here. Another way to fully utilize the services and benefits available to you as a member of Vantage!

But, is now the right time to buy?
According to recent Multiple Listing Service data, the inventory of home listings in the St. Louis area hit the lowest point it’s been in years. In fact, the average home listing sits on the market for less than three months.

What’s led to this high demand? Real estate agents point to a variety of factors. Interest rates have remained relatively low. The financial position of many households has improved since the recession. And, fewer homes were built during the recession, so there is less inventory available. That’s great news for sellers, but what does that mean for buyers? It is a competitive market!

Can I compete?
While inventory may be low, lenders offer a variety of mortgages that could make it possible for you to find the home of your dreams. Mortgage Solutions has a mortgage loan that’s right for you, no matter what type of mortgage you’re considering.

We offer fixed, jumbo fixed, adjustable-rate, conventional, FHA and government mortgages. We also offer a variety of terms, from 10- to 30-years. When you’re ready to get started, we are ready to guide you through the process from start to finish.

Not sure what you can afford?

Mortgage Calculator

Interested in the ReadyNow loan, but not a member of Vantage?

Become a Member

Get the house of your dreams before it’s gone!

Apply For My Mortgage

314.264.5325
866.533.1720

4020 Fee Fee Road
Bridgeton, MO 63044
mortgage@mortgsolutions.net
Please remember that electronic mail isn’t secure. Therefore, confidential or personal information shouldn’t be communicated in this manner.

* Property must serve as the primary residence, be less than 10 acres and not zoned agricultural. Subject to credit approval and program guidelines. Interest rate and program terms are subject to change without notice.

** Total monthly payment does not include homeowners Insurance and property taxes. Scenarios are intended for comparison purposes only and should not be relied on for actual rate quotes, Good Faith Estimates or other borrower disclosures. Comparisons are made at the highest LTV ratios allowed for the product. The content presented here is provided for high-level information purposes only. Consult a Mortgage Solutions, LLC Mortgage Loan Officer for detailed requirements that apply to the 3% down ReadyNow and 30-year fixed rate mortgage products.

Mortgage Solutions, LLC (NMLS #277481). Missouri Residential Mortgage Licensee #17-1908; Illinois Residential Mortgage License #MB.6760773; Kansas Licensed Mortgage Company #MC.0025070.
Equal Housing Lender.