We offer 100% financing for your new home loan!
What this means is that we can help you purchase a home which requires no money down out of pocket. In addition to no money down we have loans that allow seller to pay your closing cost.
How it works is simple, based off your credit, income, assets and employment history we will determine which loan options are available to you. You can purchase a home with no money down with a credit score as low as 580 going full doc or with a 620 going stated.
To get a complete understanding on which you will qualify for, please visit our page referencing the different loan program documentation options by clicking here.
100 percent financing is become the most popular choice in home loans today. With the ability to have seller paid closing cost, you can own a home with little to no money out of pocket. When sitting at the offer table, be sure to have a good idea of closing cost for the loan you are wishing to acquire so that you can ask the seller to pay those as well. We recommend that you typically ask for around 2.5% to 3% of the purchase price.
| The difference between what closing cost a seller can pay is based upon the different loan products. If you credit is above 660 and we are using an alt-A loan, the seller contribute only 3 percent of nonrecurring cost of the loan. Reoccurring cost would be prepaid interest, taxes and insurance. To keep these costs down to a minimum I would recommend closing on the last day of the month. |
 |
Typically 100% Percent Financing is a combination of a 1st and 2nd mortgage* (the second mortgage is sometimes referred to as a piggyback mortgage). The mortgage being split into two loans, in which the first loan being at 80% and the second loan at 20%. This avoids paying mortgage insurance. In some scenarios; a one loan mortgage option is excised as well.
Advantages to 100 percent financing:
- No down payment
- No need to liquidate stocks, retirement and other investments
- Tax deduction benefits on interest for higher loan amounts
Requirements for 100 percent financing:
- Property must be owner occupied
- Fico Score 620
- Normally requires the use of both a first mortgage and a second mortgage
- Debt ratios of 45 or less
| 
