Contact us for all your options.
Zero Down home loans (100% home financing) are a means to assist many people that are currently renting to become home owners! Simply put, zero down home loans mean financing 100% of a home's purchase price. Our zero down home loan programs apply to single family residences (from 1-4 units), town homes, condominiums, and PUD's.
Lenders have created a variety of attractive, flexible loan packages to encourage first time home buyers. The only absolute way to know if you are qualified for this type of loan is to call us and find out.
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80/20 "Piggyback" Loan Program
80/20 Piggyback loan combinations are the most common form of 100% financing and they offer the most flexible guidelines. 80/20 simply means a first mortgage in the amount of 80% of the purchase price and a second mortgage for the additional 20%. Combined loan amounts may be available to home buyers up to $750,000 for 100% home financing. Special 80/20 programs are also available to first time buyers and self-employed borrowers.
Up to 107% First Mortgages
Borrowers who have good to excellent credit and who can either provide income documentation or tax returns may opt for a 100-107% first mortgage loan. Rates can be very attractive (because of the excellent credit of the borrower(s), but there may be additional qualification restrictions. Loan amounts that exceed 100% of the home value may be used at the time of closing for debt consolidation.
Highlights of first time homebuyer 80/20 100 financing program
þ 100% financing of the purchase price of the home.
þ No Mortgage Insurance required (PMI)
þ No impounds or reserves
þ Borrowers may be self-employed
þ Loans up to $875,000.
þ Higher Debt Ratios, OK
þ Stated Income allowed
þ No time limit on discharged bankruptcies
þ Sellers may contribute to closing costs (up to 6%)
þ No seasoning requirements on funds
Qualifiying Properties
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Eligible Properties:
New and resale single family detached homes, detached and attached homes
within a Planned Unit Development, condominiums to four stories, and two to
four multi-family units are eligible.
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Ineligible Properties:
Mobile
homes, five or more multifamily units, commercial property, homes situated
on leased land, and certain condominium conversions are not eligible.
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Owner-Occupancy:
The
property must be owner-occupied as the borrower's primary residence.
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Price
Range:
Single
family detached homes, attached and detached homes within a Planned Unit
Development and two to four units to $875,000. Condominiums to $500,000.
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Appraisal:
All
properties are subject to appraisal.
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Location:
Property
must be located in California.