Purchase Programs

In the recent past, the biggest obstacle to home ownership was the down payment. It used to be that you could not buy a house unless you had a size-able amount of money for the down payment. Back then, you also needed very good credit and document-able income and assets. That was then and this is now.

No Down Payment Mortgage Loans

Now there are 'no down payment' programs that finance up to and in excess of 100% of the purchase price. These programs typically allow for the seller of the property, to pay for the closing costs of the transaction, further reducing the amount of cash you need to get into your home. There are even programs that will lend from 103% to 107% of the purchase price. These loans can be used when the seller doesn't want to contribute towards your closing costs. The extra 3%-7% typically is used for the closing costs that the seller won't pay.

To get into a 100% purchase loan, you will need a credit score of at least 580 and a decent rent payment history (usually no more than one thirty day late in the past year). 100% lenders like to see job stability and usually want at least two years in the same field and sometimes on the same job. The amount of the housing payment (including property tax and insurance) can be as high as 50% of your income and in some instances, 55% of your gross income depending on your other outstanding debts.

People with credit scores of 620 or higher can get 100% financing without proving their income. Many times people earn income that cannot be proven through conventional means. For people that meet the criteria, income can be simply stated on the application (without the income being verified). The same can hold true for assets. There are many programs available that allow borrowers to simply state their assets and not have to back it up with appropriate documentation.

Traditional Purchase Programs

While all of these liberal programs are available, it is still better to have a down payment and asset reserves. You will get a lower rate by putting money down on a purchase. The more money down, the better the rate you can expect.

Time is of The Essence

In a hot real estate market like the one we are experiencing, you need to be pre-approved and ready to move on a property quickly. You need a responsive mortgage company that will provide your realtor with a compelling pre-qualification letter quickly. You also need a company that will coordinate with your realtor in putting the offer together. If you need a closing cost contribution from the seller, your mortgage company and realtor need to coordinate the details and it must be done quickly and properly.

Express Home Mortgage Purchase Programs

  • No Down Payment Mortgages
  • Fixed and Adjustable Rate Programs
  • No Income, No Asset Documentation
  • No Documentation Loans (Job, income and assets are not verified)
  • No Private Mortgage Insurance (PMI) Options
  • Apply this morning and have an answer by the end of the business day.
  • Family Member to Family Member Programs
  • Loans for Foreign Nationals (Green Card and/or Work Visa)

Contact us with the details of your situation and we will help you determine how to and what is the best way to get into your home.