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Option Arm Manage your Mortgage!
Construction/Perm
Interest Only Mortgage
No Doc
Real Estate
Investor
Refinance
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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:
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All borrowers must occupy the property
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Not available in Alaska, Hawaii, New Jersey, Ohio, Oregon,
or Dade and Broward counties in Florida.
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Maximum Loan is $417,000.
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Minimum 700 credit score.
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Requires a 1.25% Delivery Fee
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1 unit primary residence only. Includes approved
condominiums and PUDs.
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Your income may not exceed 100% of your median income. Call
or email for your area's median income.
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No bankruptcy or foreclosure within 7 years of closing.
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Total monthly debt to income ratio may not exceed 41%
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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.
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