Skip to content

First-Time Homebuyer with Good Credit? You Can Buy Now with as Little as 1% Down

June 29, 2017

Information from MDC Financial Service Group

 

Find out how first-time buyers with good credit can purchase property with as little as 1% down!  Here’s the criteria:

•       Client comes in with 1%

•       Lender gives them 2% so they are qualifying on a 3% down payment

•       Interest is a little higher (4.50 vs 4.25) this is how lender gets back their 2%

•       Mortgage insurance is lower than other products or can be included with higher interest rate

•       720 minimum Fico – folks with good credit

•       Borrower income is restricted to $104,000

•       First-time homebuyer only

•       Borrower needs to take online class for budget and expenses ($75 cost)

•       Debt to income ratio can go up to 50% with compensating factors (high fico, job stability)

•       No non-occupant co-borrower

 

Are you a first-time homebuyer or do you know someone who is interested in becoming a first-time homebuyer?  Just send me an email or call me at 619-888-2117 and we can discuss what options are available in either case. 

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: