Option Arm Manage your Mortgage!
Interest Only Mortgage
No Downpayment Loan
The no downpayment loan is designed to offer homeownership
opportunities to individuals with good credit but who lack the ability or
desire to make a downpayment on a home. It provides an option for those who
wish to invest their savings in assets other than their home. The fixed rate
loan is available for purchase, construction, or purchase/ home improvement of
an owner occupied primary residence. While no down payment is required,
you must have 3% in the transaction. These funds are applied toward your closing
costs and may come from your own funds, a gift from a relative, grant, or sale
of assets you own.
Other underwriting requirements include:
All borrowers must occupy the property
Not available in Alaska, Hawaii, New Jersey, Ohio, Oregon,
or Dade and Broward counties in Florida.
Maximum Loan is $417,000.
Minimum 700 credit score.
Requires a 1.25% Delivery Fee
1 unit primary residence only. Includes approved
condominiums and PUDs.
Your income may not exceed 100% of your median income. Call
or email for your area's median income.
No bankruptcy or foreclosure within 7 years of closing.
Total monthly debt to income ratio may not exceed 41%
Several of our lenders are now offering interest only options
which can often lower your payment or allow you to purchase more house. I have a
rather extensive section detailing these new Interest
only loan options.
For more information on other no
downpayment loan products. please see my low down payment page.
I also have a Free report "Buying
your First Home" available by email.
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.
Prequalify for your
No Downpayment Loan.