You may or may not know this, but the mortgage industry is a dynamic industry. Things change on a daily basis. Loan programs come and go. Guidelines change, etc.
I saw a new product come out recently on the Non QM side of the market. (non qualified mortgages)
It’s an 80/20 purchase. So, 100% financing. We haven’t really had a product like this come out since before 2008.
Here are some basic guidelines for this program…
1) You need to have at least a 700 credit score.
2) Purchase price is a minimum of $200,000.
3) No non medical collections, judgements, or charge offs in the last five years.
4) Seller can contribute up to 3% towards buyers’ closing costs.
5) No rural homes. Must be in a metropolitan area.
So, if you need 100% financing drop us a note, and we’ll see if you qualify for it.
That’s it for today!
Thanks for reading!
Brett
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