100% Financing Programs
100% Financing Programs are often referred as the "No Down Payment" programs. It simply means that no minimum down payment is required. The maximum base loan to value (LTV) is 100%. Some 100% financing programs will allow an additional 3% of closing costs and/or prepaid items allowed to be financed into the loan. These financing programs are usually for borrowers with good credit. There are no income restrictions or first time homebuyer limitation. In fact first time 100% Financing Programs are one of the preferred financing options for first homebuyers.
Documentation (full documentation or stated) needed for these loans may vary on the program selected.
The terms of these loans may be 15yr or 30 yr fixed, 3/1 Adjustable Rates Mortgage (ARM), 5/1 ARM, or 7/1 ARM, etc. The term of the loan is one of the many factors that affect the interest rate.
To determine the best loan program for you and on how you can qualify for any of these loan programs, please contact Frantz.
Jumbo Loan
A jumbo loan is a residential loan with a minimum loan amount of $417,000. There are different types of loan program that provides financing for borrowers who are purchasing properties that require a larger loan amounts than FNMA or FHLMC will allow. These loan amounts are considered non-conforming loans by the secondary market standards.
Documentation (full documentation or stated) needed for these loans may vary on the program selected.
The terms of these loans may be 15yr or 30 yr fixed, 3/1 Adjustable Rates Mortgage (ARM), 5/1 ARM, or 7/1 ARM, etc. The term of the loan is one of the many factors that affect the interest rate.
To determine the best loan program for you and on how you can qualify for any of these loan programs, please contact Frantz.
If you have more questions about financing your new home check out our Basic Financing Questions
Contact Dan Court for more information about these and other loan options
Countrywide Home Loans
801.735.8908 (Direct)