100% Financing Loans
Ideal for first-time buyers, these no down-payment loans can help reduce or
eliminate nearly every cost associated with obtaining a home loan. These
programs normally combine two loans: An 80% first mortgage, and a 20% second
mortgage. The interest rate is typically the weighted average of the two
loans.
For Example if the Appraised Value of your current home or the Purchase
Price of the home you are buying is $500,000, then:
First Loan Amount = $500,000 x 80% = $400,000
Second Loan Amount =
$500,000 x 20% = $100,000
| Loan Amount |
Interest Rate |
Payment |
Term |
| $400,000 |
6.00% |
$2398.20 |
30 Year Fixed |
| $100,000 |
8.00% |
$771.82 |
25 Year Fixed |
| Total Monthly Payment = |
$3170.02 |
Imperfect Credit Loans- (Subprime Loans)
Credit problems. Less than perfect credit. Bad credit. If you are described with one of these types of credit descriptions, fear not! We can find you a loan in most cases. If you've experienced problems in finding a home loan because of your bad credit history, then a subprime loan is right for you. Subprime loans may have higher interest rates, but it will help you save on your monthly payments. Therefore you will have a better cash flow, make your payments on time for a year or two will increase your credit score dramatically, and will enable to get the lowest rates.
No Income Verification Loans
There are different levels of no income verification loans. There is stated income, no income, and no job, (basically no named source of income). The difference is the level of verification based on the customer’s needs. Also available, is No Income, No Job, No Asset options. This loan does not require verification of source of income or source of funds to close. Ideal for the self-employed who does not show all of his/her income.