New Loan Program – No Down Payment, No Mortgage Insurance
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.
Eligibility
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!
Breakdown
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!
Details
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.
