100% Financing Mortgages have become a popular choice for financing a home. Coming up with the thousands of dollars that make up a ten or twenty percent down payment can be difficult on any budget. At Directors Mortgage, we have many options for home purchasers to fully finance their dream homes.
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).
Advantages to 100 percent financing:
No Cash needed for down payment
Don't need to liquidate stocks and other investments
Borrower may want to finance as much as possible for tax deduction purposes
Requirements for 100 percent financing:
Property must be owner occupied
Fico Score 620
Normally requires the use of both a first mortgage and a second mortgage
