|
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!
OUR PROGRAMS
|
