FHA 100 (up to 100% CLTV Financing with an FHA loan and an approved community second mortgage)!
Coast2Coast Mortgage is excited to offer a very unique product. We call it the FHA 100. FHA Loans require 3.5% down payment on all FHA loans, however they do allow gift funds from various sources as well as community second mortgages to cover the 3.5% down payment requirement. We have partnered with a company that offers the 3.5% down payment so you can get up to 100% financing on your home purchase!
The way it works is there are two mortgages. One for the standard FHA loan of 96.5% financing leaving the 3.5% down payment to be a second mortgage. The second mortgage can be forgivable after 3 years. Please ask one of our licensed loan originators for details and for a loan pre-qualification for this program. Here are some bullet points to describe this program.
No Money down!
Up to 100% financing
Possible forgivable second mortgage
Often no payment required on the second mortgage
640 Minimum credit score
Debt Ratio as high as 56.99%
Seller can pay up to 6% of purchase price toward buyers closing costs and pre-paid items
Contact us today for more details or click here to apply now.