100% Bad Credit Mortgage
Buying a home using
100% financing home loan
programs is as popular today
as ever. There are still many program available to buyers with a bad credit
history and for first time homebuyers. One of our strongest area's of expertise
is in finding
100% financing loans
to fit our clients with less than
perfect credit. In today's market you will find that sub-prime loans, 80/20
loans, and other high risk loans are still being offered, however we advise
avoiding these loans at all costs. The fastest way to get into trouble is with
obtaining one of these high risk loans. Instead we prefer to offer much more
secure
100% mortgage programs
.
Highlights of our 100% Financing Loan Programs
-
30 Year fixed rates
-
Rates between 5.75%-7.5%
-
No Prepayment Penalty EVER
-
Very low mortgage insurance coverage (8%-25% depending on program)
-
No need to pay off collections, charge-off, medical, or other
derogatory credit items reporting on your credit report
-
Up to 6 % seller concessions allowed
-
Boarder Income allowed
There are some huge advantages in obtaining
100%
financing
when purchase a home. The most obvious is that very little,
if any, money needs to be taken out of your pocket. We can show you how to
structure your loan offer so that the seller is paying all your closing costs
and possibly even buying down your rate FOR you! The only money needed from the
buyer with this type of loan is the cost of the appraisal (generally
$300-$350). This allows you to keep all of your savings and other funds in your
pocket.
New laws now allow all mortgage insurance to
be tax deductible. This law has virtually eliminated the need for high cost
80/20 loans which were once used to avoid mortgage insurance. Mortgage
insurance is a premium paid when the LTV exceeds 80% of the total sales price.
Our programs offer extremely low mortgage insurance which can now be deducted
at tax time for even further savings to you!
As you can see all of our
100% financing
options provide security with a 30 year fixed rate that will never change on
you. You will not have to worry about an adjustable rate that will come back to
haunt you in a couple of years as so many people are experiencing today. The
reason there are record numbers of foreclosures is because buyers did not know
that these low rate fixed mortgage were available to them even though they have
bad credit. They were told by their uninformed lender or broker that the
sub-prime or 80/20 loans were there only option. If only they had come to us
first!
Interest rates will NEVER be above 7.5% on any
of our
100% financing programs
. The majority of our clients are enjoying
fixed low rates in the mid to high 6% range even though they were first time
home buyers or had bad credit histories. The only exception to this is if you
have to go stated and cannot prove your income. If you have bad credit and need
a 100% stated income loan you rate may exceed 7.5%, but we will ensure it is as
low as the market allows!
Requirements for 100% Mortgage Loan
Programs
-
2 Years work history on borrower - preferably in the same line of
work (co-borrower can have a limited work history and we still consider their
income!)
-
2 Years of rental or mortgage history - mortgage late
payments are okay but preferably not in the last 12 months (living rent free
considered with letter from relative)
-
Limited income okay with our high debt to income 100% financing
program! Our debt to income requirement goes as high at 60%
-
No assets required
-
First time home buyers welcome
-
580 credit for most 100% finance programs.
-
Stated Income 100% financing with a 620 credit score
-
No minimum credit program available with compensating factors
(such as 2+ years on the job or being able to show assets)
-
Self Employed borrowers must show 2 years tax returns
Now you can see why we are the premier source
for
100% bad credit home loan purchase
in the U.S. Qualifying for one of
our 100% mortgage financing programs is far easier than most people realize.
Our goal is to help as many clients achieve the American Dream of homeownership
as possible utilizing our
100% bad credit mortgage loans.
Before you go
anywhere else you owe it to yourself to contact us and allow us to show you how
we can save you thousands of dollars by utilizing our
100% financing
solutions!
Our mortgage professionals are prepared to put their
years of experience and our access to these bad credit mortgage loans to work
for you! Contact US today or APPLY ONLINE for a same day response and let's
start working together to help your American dream come true!