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| | | Loan Products | >> 100% Financing: FAQ |
Q. What are the advantages of 100% financing?
A. There are numerous advantages to 100% financing. Recently, homes have been increasing in purchase price, as high as 10% or more. Purchasing now can save you quite a bit, and 100% financing can get you in a home a whole lot sooner. By buying now, you can begin building equity and increase your financial net worth. Q. Is 100% financing only for people with good credit?
A. Not at all. In fact, borrowers with credit scores above 580 are eligible for 100% financing. Of course higher credit scores will receive more optimal rates. Yet, everyone should consider 100% financing because of its benefits. Q. Is 100% financing only for first time home buyers?
A. No. 100% financing is available to both first time and experienced home buyers. Q. Do I have to state my income for this program?
A. Not necessarily, both full documentation and stated assets and income are possibilities for 100% financing. Q. Is 100% financing available for both fixed rates and A.R.M. rates?
A. Yes. 100% financing has numerous interest rate options. Q. What is the interest rate for 100% financing?
A. We can quote an interest rate once we receive your application and credit report. Because 100% financing is a program based on credit, we can only quote the interest rate after your credit is analyzed. Upon analysis, we will offer the best interest rate in the industry to you. Q. Is there a maximum or minimum loan amount?
A. No. Unlike government programs, you are not limited to any set loan amount. Q. Do I have to get mortgage insurance (PMI)?
A. Not necessarily. We offer many programs, such as 80/20, in which you do not have to purchase mortgage insurance if you choose.
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