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
USDA is a 100% government insured loan. Low rates, and no down payment. However, there…
The bad news is that according to Redfin, 38% of U.S. renters don’t believe they’ll…
In Texas we have some unusual rules when it comes to getting cash out of…
If you pay your property taxes apart from your mortgage payment, and you didn’t get…
If you purchased a home using your own cash, and now would like to pull…
Did you realize that when buying a house from an immediate family member – the…