Save $5K in closing costs, $140 per month for life of loan - Ahwatukee Foothills News: Real Estate

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Save $5K in closing costs, $140 per month for life of loan

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Posted: Friday, October 4, 2013 5:45 am

How can you save $5,000 when you close on your new home and continue the savings for the life of the loan? It is very easy. FHA loans have become more and more expensive, so lenders have come up with conventional options to FHA financing. FHA continues to increase the cost of mortgage insurance premiums, which adds hundreds of dollars to the monthly mortgage payment pricing some buyers out of the market for a new home. Lenders are now offering 3 percent down conventional loans, which do not require 1.75 percent of the loan amount up front.

Here is an example on the purchase of a $300,000 home.

FHA requirements

Purchase price = $300,000

• 1.75 percent up-front premium — $5,066

• Monthly mortgage insurance payments would be $325.68

Conventional requirements

Purchase price = $300,000

• Monthly mortgage insurance is $181.88 for a savings of $143.80 monthly.

• No up-front Mortgage Insurance Premium for an initial savings of $5,066.

• Only 3 percent down.

The good news is this is not a first-time homebuyer program. However, all first-time homebuyers must do homebuyer counseling, which can be done on the phone. With a credit score of only 680 you can put down only 3 percent and with a 620 credit score you only need a 20 percent down payment.

Almost all of the 20 percent can be a gift with only 3 percent required to be your own funds.

Lenders are getting creative for all homebuyers. Take advantage of these new lending programs to buy your first home, move up to a larger home to meet the demands of an ever-growing family or finally buy your dream home. Rates are on the rise and you need to find a way to get the home of your dreams now.

• Ahwatukee resident Stacey Lykins, MBA, is a Realtor with Ahwatukee-based West USA. Reach her at (602) 616-9971, S.Lykins@LykinsProperties.com or www.LykinsProperties.com.

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Keystone Montessori

[David Jolkovski/AFN]
Teacher Pily Pantoja helps Sarah Wang, 4, with the addition snake game at Keystone Montessori on Thursday, Sept. 4, 2014.

Keystone Montessori has come a long way since its founding in 1995. Back then it was operated out of the founder’s home before eventually moving on to rent rooms from Horizon Presbyterian Church. It was only in 2000 that they had gained a strong enough enrollment to move into the facility where they currently reside on Liberty Lane, just off Desert Foothills Parkway and across from the Ahwatukee Foothills Family YMCA.

The school services students as young as 18 years old, as part of their toddler program, and as old as ninth-graders. The current enrollment is around 320 students, who all have access to Spanish, music and arts programs in addition to the full Montessori curriculum.

“We provide an authentic Montessori education which focuses on the independence and whole development of the child, including academic as well as social and emotional growth,” said head of school Cindy Maschoff. “We want our students to become independent citizens of the world.”

The school will be taking the time to present the concept of Montessori education to the public Jan. 29 and 30. At the presentations the school will provide a clear understanding of what Montessori education looks like at each level of education. Those wanting to attend should plan on going to both meetings, with the Jan. 29 meeting going from 6-7 p.m. and the Jan. 30 meeting from 9 a.m. to 1 p.m. The meetings require attendees to RSVP, which can be done by emailing laura@keystonemontessori.com.

For more information, visit keystonemontessori.com.

• Compiled by James Gingerich.

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