| Due
to the current market environment, investor guidelines have changed and we may
not be able to offer this program at this time; please contact an AAXA Loan
Advisor to check program availability and possible alternatives.
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| 103% - 100% Interest
Only Loan – “No Money Down Program Plus” |
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| Recently, one of our most prominent wholesale
investors began offering a 103% - 100% interest only loan program. This
product may be a perfect solution for people who do not have any money to put
down on a home but are efficient in managing their finances. Unlike many of
these programs, this particular 100% - 103% financing program carries a
competitive rate that is close to that of a traditional 30 year fixed rate
mortgage (fully amortizing). The interest only feature is only available with a
30 year fixed product. You can opt for 100% – 103% financing with a 3/1 ARM or
5/1 ARM product but the interest only feature does not exist. The program’s
terms and conditions are subject to change so please contact an AAXA loan
advisor for up to the minute program details - 877-RATE-LOW (877-728-3569). You
may also apply online using our
mortgage application.
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| “No Money Down Program Plus” Highlights:
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Interest only payments to help keep your monthly expenses low. |
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103% mortgage financing – Primary residences only. |
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680 minimum credit score needed for this program. We have many other 100%
financing for programs for clients with lower credit scores. |
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Purchase transactions only. |
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1-Unit properties including condos and plan unit developments
(PUD). Note: we do offer other 100% financing programs for multifamily homes
and investment properties. |
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PMI (private mortgage insurance) coverage is required but can
be avoided with an adjustment in rate. |
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3% seller contribution is allowed pending approval. |
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$485,437 base amount financed up to 100% of sales price or
appraised value (whichever is lower). |
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$500,000 up to 103% LTV (loan-to-value) when closing costs and
prepaids (i.e. taxes and insurance reserves) are financed into loan. |
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No second mortgages allowed – which makes sense because you
are already borrowing more than the value of the home. |
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No income restrictions – 33/38% DTI (debt-to-income ratios) -
ask us for details. |
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2 months of tax and insurance escrows may be gifted. |
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Consult your AAXA loan advisor to see if 103% mortgage
financing is right for you. If you do not fit the criteria for the zero down
interest only loan program, do not fear. We have hundreds of no money down
programs at our fingertips. Simply give us a call for a free consultation. |
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| Check out more of our
zero money down programs. |
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