I've used monera with the least expensive down payment, and the most expensive. They calculate it based on the price per point you are paying. If you are getting a great deal on your contract, you can pay as little as $600 down. It's the highest interest rate at 12.9%, but spread out over 10 years makes your payment extremely affordable. The best part about monera is there is no pre-payment penalty. So it was nice not to be cash strapped every month and get a low down payment with a low monthly payment and then I was able to transfer the balance onto something else.
For a property I held onto the financing for a little longer, I used the most expensive down payment. It was $7000 on a 400 point contract. It brought the interest rate down to 8.9%.
Remember to factor in your other costs in ADDITION to your down payment with monera. You CANNOT finance closing costs or maintenance fees. So any of those you are paying per your agreed upon contract is more cash coming out of your pocket. And then you have financing fees on top of that...$149 origination fee with some other misc fees...they will add up to $230-300 depending on your total purchase price.
With all that being said, Monera has been a pleasure to work with. I highly recommend them!
!
