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Family Mortgage Company understands there are many reasons you
would want a NO MONEY DOWN MORTGAGE. We have many no money
down options available including:
80/20- 1st and 2nd
mortgage. This allows you to take advantage of a lower rate
1st mortgage that is 80% of the loan. Generally 2nd mortgage rates
are a little higher, but the amount is only 20% of the sales price.
With an 80/20, you will not have PMI* even though you are borrowing
100% of the sales price!
100%- One loan that equals
100% of the sales price of the property. Depending on the product,
you may or may not have PMI.
103%-107%- This type of
loan allows you to finance 100% of the purchase price AND 3%-7% of
the sales price, towards your closing costs. With this type of loan,
borrowers often bring no money to the table at closing. This product
may require PMI.
Rural Housing- If your home falls
within a geographic area designated by the Rural Housing
Governmental program and your income level is within the median
range, you may qualify for this product. This product allows you to
borrow 100% of the appraised value of the home you want to purchase.
Therefore, closing costs are likely to be included in your loan.
There is no PMI on this product.
These are some of the many No Money Down mortgages
available to you through Family Mortgage Company. Please contact one
of our trained loan officers to design a loan to fit your needs. If
you don’t see the product you’re looking for, please ask us. Chances
are we will have the right mortgage product for you.
Call one of our trained loan officers to explain the No Money
Down mortgages to you. Or apply
online today. We will get back to you within 1 business day or
sooner.
*PMI = Private Mortgage Insurance is required on
many mortgage loans where the home owner has less than X%
equity. These fees can be X dollars on a $100,000 home
loan
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