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.