There's now a program that allows first time home buyers to finance 100% of the entire mortgage. In other words, a no-downpayment loan program.
There are a few conditions:
- Minimum FICO score of 640
- Must be owner-occupied
- One buyer must be a first-time home buyer
- No income limit
- Max finance amount $453,100 with debt to income ratio of 50%
- Mortgage conditions: 97% first mortgage, 3% second mortgage at 2% over the mortgage rate with a 10-year term.
This is a great option for those who are creditworthy but do not have a full down payment. (Which can normally fall anywhere from 3-10% of the purchase price.)
If you would like to know more, email me (Chuck Willman) at firstname.lastname@example.org