Whether you have good credit or consider yourself "credit
challenged", there are literally dozens of loan programs available to meet you specific needs.
Even if you have money to put down on your home, it may make sense to use a zero down payment
Here are some of the options available to you:
107% Loan to value
This program allows you to finance 100% of the sales price, plus
allows you to finance your closing costs which are generally close to 3% in most areas.
The remaining 4% can go towards paying off debt or making repairs to the property. First
time home buyers are limited to 103%. Loan amounts go as high as $400,000
103% Loan to value
These loans will finance the full sales price plus closing costs. These
loans will go up to $650,000.
These loans will finance the full sales price. Closing costs cannot be financed,
however, most programs allow the seller to pay your closing costs. These loans will go up
to $800,000 and allow up to a four unit property as well.
100% Loans with bad credit
If you have less than perfect credit we can still finance your
loan up to $400,000. These loans will focus more on your job strength and previous mortgage or
rent verification. Your credit score has a lot to do with what kind of interest rate you will receive.
These loans are to get you into the property and then you will look to refinance after your credit improves.
100% "Stated" income loans
These loans are for the people that write off most of your
income. Typically it is for self employed but W2 employees also have access to this loan. Typically,
these loans can go up to $400,000, however, $500,000 can be achieved with higher credit scores.
These loans do require excellent credit.
100% VA Financing
These loans are available to eligible veterans of the US military. Loans amounts up
to $240,000. Excellent financing option for our country's military.