103% Home Mortgage Loans
Why would I want a 103% Finance Home Purchase?
You should consider this loan if you cannot afford a down payment or closing costs, but still want to become a homeowner.
What can I use a 103% Finance Home purchase for, and what are my options
The 103% Finance Home Purchase must be for a primary residence, although the borrower may own other properties. Some alternatives are the 100% Finance Home Purchase and the 107% Finance Home Purchase.
Why should I get a 103% Finance Home Purchase?
The 103% Finance Home Purchase Loan will give you 100% of the money you need to buy the home you’ve chosen, plus an extra three percent of the loan value. The extra three percent will cover any closing costs that are necessary when purchasing your home. Many times, lenders will not require down payments for these loans either. This is an excellent option for people who can afford to make monthly payments, but cannot afford any of the extra initial costs that come with homeownership. This loan will provide a smooth transition for people going from being renters to first time homeowners.
How can I get a 103% Finance Home Purchase
We are proud to offer the 103% Finance Home Purchase Loan. Click here to apply.
How can my Credit Score/ FICO affect my mortgage rate
Credit Scores are always important in determining mortgage rates, but lenders offering the 103% Finance Home Purchase loan will be especially fussy and ask for excellent credit scores. You can get your free online credit report and score, but first see which profile describes you best:
- You have had only late payment reported to the credit bureau within the last seven years, and none within the last year.
- You have note been reported to a collection agency within the last ten years.
- You have established a credit history with auto loans, mortgages, and/or credit cards.
- None of your payments were more than thirty days late.
- You have not missed a single payment in the last twelve months, but may have missed a few over the past seven years.
- You are eighteen and still establishing your credit history.
- You normally pay bills on time.
- You are over eighteen years old and have no credit history.
- You have had been reported to a collection agency within the last ten years.
Another little tidbit…
The Doctor Loan is similar to the 103% Finance Home Purchase loan in many ways, except that you must be a doctor to receive the loan. It is available only in select states.