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103% Mortgage Financing103% mortgage financing is available from several lenders we represent. 103% mortgage financing can provide an opportunity to purchase a home with no cash, finance your closing costs, and with several programs have no mortgage insurance. The programs provide a very simple solution to home ownership if you have limited cash resources or if you prefer to keep your cash working for you in other investments. You will find rates to be somewhat higher than if you were making a 5% down paymentbut they are really not out of reach, especially if the lack of mortgage insurance is considered. However, if you do not need to finance your closing costs, an alternative to a 103% mortgage would be 80/20 financing to finance just the purchase price. These products are available in both 30 year fixed rate and adjustable rate terms. Interest only 103% mortgage financing is readily available as well First time home buyers are fine and the programs will allow credit score down to 600 for the primary wage earner. Single family, condos, and townhouses are all acceptable. The programs will allow purchases up to $400,000 and a cash out refinance up to $300,000. Income and assets must be fully documented. Most will accept a total debt ratio of up to 45% with one allowing ratios up to 50%. However, you will need to be able to show $1,500 in residual income after your house payment and debts are paid. Generally, you will be required to have 2 months of your PITI as liquid reserves. Also, unlike most loan programs, if you have collection accounts that are over 2 years old and do not affect the title, they will not need to be paid. I also have a Free report "Buying your First Home" available by email. Learn more about commercial loans I have an article "Buying your home in 2008" by email explaining negotiating strategy in today's market. As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service. New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement. I hope the information on this page was useful to you. Please scroll down to view my Mortgage Market Guide. It is a weekly publication explaining the financial markets from a consumer's perspective that is available on this website or by email subscription. I have nearly 8,000 subscribers today and would be happy to have you as well. Your email address will never be used for any other purpose.
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