Pay-Off Your Home Years Sooner | Credit Repair Software

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No Money Down

100% Financing / No Down-payment Mortgage

Note: Post 2006 100% Financing Mortgages have become increasingly difficult to find. To qualify, clients are required to provide proof of income, and must have excellent credit. 5% down loans are also becoming difficult to find as well. Most lenders are requiring a minimum down payment of 10%-20% down. If you qualify, the work as follows:

• Zero down payment or 100% financing - either a 1st mortgage exclusively or a combination of a 1st, 2nd, 3rd mortgage* (sometimes referred to as a piggyback mortgage).
• Advantages to 100 percent financing:
  • No Cash needed for down payment
  • Don't need to liquidate stocks and other investments
  • Borrower may want to finance as much as possible for tax deduction purposes.
• Typical requirements for 100 percent financing:
  • Property must be owner occupied
  • Fico Score 680 or higher
  • Normally requires the use of both a first mortgage a second mortgage, and possibly a third mortgage
  • Debt ratios of 45 or less

* Can be either a Home Equity Loan or a Home Equity Line