New Loan Program – No Down Payment, No Mortgage Insurance

 In Different Types of Loans, First-Time Home Buyers, Qualifying for a Mortgage

We have an awesome new loan program that requires no down payment and no mortgage insurance! It’s a conventional mortgage program with two down payment options: zero down payment and 1% down payment, and again, it does not require mortgage insurance. It is available to a LOT of people.

See if you or someone you know is on the list of people who qualify.


Here’s the list of who is eligible for this great deal:

  • federal, state, county, and city employees
  • teachers
  • firefighters
  • police officers
  • military
  • emergency medical technicians
  • nurses
  • paramedics

That list covers a lot of people!


This new loan program is actually 2 loans:

The first loan is a conventional loan (requires either 3% or 5% down).

The second loan is for 4% of the purchase price.  

So if you only put 3% down, the second loan will be enough to pay the entire down payment, and you will have 1% left over to cover some of your closing costs.

And check this out – there is NO mortgage insurance required!


Here are the details of the loan:

  • The first mortgage is for either 95% or 97% of the lesser of the sales price or the appraised value.
  • The second mortgage is for 4% of the lesser of the sales price or the appraised value.
  • There is no mortgage insurance required.
  • You can earn up to 140% of the Area Median Income, which means if you earn less than $125,860 and the house is in the Denver metro area, you meet the income requirements.
  • The second mortgage is at the same rate as the first mortgage (usually, second mortgages are at much higher rates).
  • The second mortgage is an interest-only loan and is only due in 30 years, or when you sell the house, refinance the mortgage, pay it off, or transfer title to someone else.
  • You need a 700 credit score (if you don’t think you have that, call us and we can tell you how to get a 700 score).
  • The property you buy must be a primary residence (a house you intend to live in).
  • At least one borrower must be a first-time homebuyer, which means they can’t be on title to a house for the previous 3 years.  If you owned a house before that, it’s OK – you still qualify.
  • The house must be a 1-unit property.  Condos and townhouses are OK.

This is one of the best deals we have seen in years.

Contact us today to get the deal and move into a house with no money down and no mortgage insurance.


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