No Money Down Mortgages

No Money Down Mortgages

If you are thinking about buying a home and you are interested in a no money down mortgage, we have your loan products here at PWC! Most no money down programs are available without mortgage insurance. We even have a 107% purchase program which will allow you to finance your closing costs. The no mi loans are accomplished by either a 1st and 2nd mortgage combo (80/20, or 75/25), or you can get one large first mortgage without mi, however this is compensated for by using a higher interest rate.
If you have had a recent bankruptcy or foreclosure, you can be prequalified for a no money down home mortgage as long as you have reestablished your credit since the bankruptcy. It is required that your bankruptcy be discharged, and there are just a few lenders who will lend the day after a Chapter 7 or a Chapter 13 bankruptcy has been discharged. These no money down programs are credit score driven only. Thus, if you have the score, you qualify normally, provided you can meet other standard guidelines.
It usually takes from 6 months to a year to reestablish your credit scores with 3 to 4 accounts including secured credit cards, auto loans, and other consumer credit items. It’s always best to pay off all your collection accounts if you can as well as any current accounts including credit card balances that are at their credit limit before requesting to have your credit pulled. The proportion of your outstanding balance to your available credit line has a definate impact on your scores. You need a minimum of a 580 middle score to qualify for a zero down mortgage.
We have many lenders offering competitive pricing on zero down mortgage programs. Some of the standard features including the following:
• 80/20 Combo No money down mortgage product
• Seller credit for non-recurring closing costs to 6% of purchase price.
• Stand alone 1st mortgage available
• No Mortgage Insurance
• Loans up to $1,500,000
• Stated Income (no income documentation) with excellent credit.
• Owner occupied duplex (no triplexes or fourplexs)
• No money down second homes!
• No money down investment properties!

Acceptable property types for no money down financing include single family residences, condos, townhouses, or PUDs. Unfortunately mobile homes, or manufactured housing don’t qualify for this type of financing. Call us for more details on any of our programs.

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