100% Financing
100% to 103% Financing on New Home Purchases
Qualified borrowers can get a maximum of 103% financing for a 1st and 2nd Mortgage Combo, which can cover closing costs and required down payments. The 20 year, fixed rate 2nd Mortgage can go up to 8% of the sales price and it can be used for down payment, closing costs (including fees), price adjustments, mortgage insurance, or buy downs*
(*Subject to agency guidelines)
• This program is not limited to 1st time homebuyers
• Only for the purchase of Single Family Homes
• No “Recapture Tax” if home is sold later
• No sales price limits (conventional limits only apply to the 1st mortgage)
• Split or single premium mortgage insurance may be tax deductible
• Borrowers need a minimum mid FICO score of 680 to qualify.
• Applicable Loan Programs:
Qualified borrowers can get a maximum of 103% financing for a 1st and 2nd Mortgage Combo, which can cover closing costs and required down payments. The 20 year, fixed rate 2nd Mortgage can go up to 8% of the sales price and it can be used for down payment, closing costs (including fees), price adjustments, mortgage insurance, or buy downs*
(*Subject to agency guidelines)
• This program is not limited to 1st time homebuyers
• Only for the purchase of Single Family Homes
• No “Recapture Tax” if home is sold later
• No sales price limits (conventional limits only apply to the 1st mortgage)
• Split or single premium mortgage insurance may be tax deductible
• Borrowers need a minimum mid FICO score of 680 to qualify.
• Applicable Loan Programs:
- 30 Year Fixed
- 40 Year Fixed
- 10/20 Interest Only
- 10/30 Interest Only
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