Case Study #5 – Bigger Home and Better Schools, on a Budget

Every article online says, 'buying a house is an arduous and complicated process'. Well, it was the complete opposite of that, for us, working with the Moreira Team! It was a seamless process from beginning to end, and they always answered any questions that we had. We're so thankful that we found Al, Amanda, Mia, and Kirstin. We close on our new house tomorrow! Thank you so much Moreira Team! 

Zaire F.Zaire F.

The Client

Our client wanted to purchase a larger home located in a great school district.

  • Loan Type – Purchase 
  • Program – FHA  
  • Sales Price – $338,000 
  • Rate – 3.5% 
  • Required Down Payment – 3.5% ($11,830) 
  • Payment – $2,499 

Client Requirement

The client was looking to purchase a home in a nicer area so her kids could be part of a better school system. She was also looking for a home more square footage and on a bigger lot with a large yard. To fit her budget, she needed a payment under $2,700 per month. 

Loan Challenges

In order to deliver on the client’s needs, there were a couple things to overcome on this loan; finding a property that fit the clients needs and ensuring we could find a program that would guarantee financing that could fit the budget.

The Challenges

  • Find the perfect home in the right school district.
  • Secure financing with a low-down payment.
  • Source a flexible program that uses compensating factors in order to get approved at a higher price point. 

Our Solution

After consulting with the client, we were able to get her pre-approved for several programs that would meet her needs. Upon further review the FHA program made the most sense. It allows for a higher debt-to-income ratio, which would let the client to buy more home, while still offering a lower payment that she could afford.  

The Results

Getting the client a fast preapproval letter allowed her to find a home that checked all the boxes. We were able to get her financed with a low down payment and a low rate. This means that she was able to get her dream home, in the right location for an excellent price, all while staying within her monthly budget.

  • Client purchased her dream home in the right school district. 
  • We were able to secure financing with a 3.5% down payment, a low rate, and reduced mortgage insurance.
  • We were able to get her payment well under her requested monthly budget. 
  • We closed in 28 days from contract date.
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