TSP Residential Loan: $2,800 per month with 30% down
ATSP Residential, a residential lender, has just opened up its first commercial line of credit, which will give homeowners the option of a 15% down mortgage on their residential property.
The line of Credit, which is designed to attract new homebuyers to TSP, is one of the first products of its kind, with a 20-year fixed rate, according to a statement.
This means homeowners will be able to take advantage of the new credit offer with a maximum of 30% of the loan amount being available for down payment, according the statement.
“The TSP Mortgage is a home loan that can be secured against the property, allowing you to refinance and extend your mortgage when you are ready to buy,” TSP President and CEO David McLean said in a statement to IGN.
“In our experience, the biggest benefit of homeownership is down payment.
That’s why we created the TSP Home Loan, which allows homeowners to refloat their existing mortgage at the end of the 20- to 30-year loan term.”
The TSPs Residential Loan will initially be offered to homeowners in states with more than 40,000 residents in California, Oregon, and Washington.
The TSPs mortgage can be purchased with cash or with an installment loan.
There is no minimum payment requirement.
In a similar statement, TSP said its Residential Loan offers up to a 30% loan down payment on a $150,000, $200,000 and $250,000 loan.
A total of $3,500 in savings will be available to borrowers, as well as a 30-day payment guarantee.
The TSPS Mortgage is the latest in a long line of home loan products aimed at helping homebuyners who want to buy a home.
In 2015, homebuyer loan company Fannie Mae launched a new line of loan products, including its Fannie Home Loan and the Home Equity Loan.
The Fannie loan has been popular in the past for its interest-free loan terms and high interest rates.