As you know, the mortgage market has gone through some drastic changes. The question now is; who can get a loan? While a lot of the 100 percent financing options have been taken away, you can still get 100% financing and lots of other loans. We'd like to share a couple of examples of loans that are still available.
Here are examples of 100% financing that are still available:
We can offer a 100% LTV (Loan to Value) on a fully documented loan with a minimum credit score of 650.
We can offer a 100% LTV on a stated income loan with a minimum credit score of 680.
The old rule for getting a loan was if you have GOOD CREDIT and NO MONEY, you could get a loan. If you have BAD CREDIT and NO MONEY you could not get a loan. This is true once again.
If you have 5% to put down on a home, the financing options open up dramatically.
Second Mortgages are available up to 100% but require higher ficos than before, 680+.
The mortgage industry just took about a 6 year step backwards. We believe that a lot of Alternative Credit type loans will come back in the next year or two. In fact some already are coming back such as the Fixed Rate Freedom Loan.
If you are unsure if you can qualify for a loan because of all of the market changes, please contact me to see what you can qualify for. As always I take more time to research your loan options then educate you about how you to chose the right option for your overall financial plan. |
