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100% Financing No Down-payment Mortgage |
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100% Financing Mortgages have become a popular choice for financing a home. |
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100% Home Purchase Mortgage |
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Zero down payment or 100% financing -
either a 1st mortgage exclusively or a combination of a 1st and 2nd mortgage* (sometimes referred to as a piggyback mortgage). |
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| Advantages to 100 percent financing: |
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No Cash needed for down payment |
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Don't need to liquidate stocks and other investments |
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Borrower may want to finance as much as possible for tax deduction purposes |
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| Requirements for 100 percent financing: |
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Property must be owner occupied |
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Fico Score 620 |
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Normally requires the use of both a first mortgage and a second mortgage |
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Debt ratios of 45 or less |
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