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Homebuyer's 107% 

The Homebuyer's 107% mortgage financing program allows you to finance the cost of a new home, your closing costs, and to pay off some consumer debt with one loan. And, it does it with NO Mortgage Insurance! This program provides a very simple solution to home ownership if you have limited cash resources and too much debt to qualify for another loan program.

These products are available in both 30 year fixed rate and 7 year adjustable rate terms.

First time home buyers are fine and the program will allow credit score down to 680 for the primary wage earner. Single family, condos, and townhouses are all acceptable. The programs will allow purchases up to $500,000 and a cash out refinance up to $400,000. Income and assets must be fully documented. The program will accept a total debt ratio of up to 45% (after your excess debt is paid with the loan). 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. 

This program is probably your best option if you want to buy a home now but are short on cash or are carrying too much debt to qualify under a "traditional" mortgage program.

I also have a Free report "Buying your First Home" available by email.

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 debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

Homebuyer's 107%Prequalify for your Homebuyer's 107%.

 

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