Did you think 100% financing was gone for good?
One of the major local banks in the cities of Dallas, Frisco, Plano, McKinney, and other surrounding cities has done some risk analysis and decided on a safe target market for 100% financing options. In addition, they have chosen Service First Mortgage as one of the only lenders in North Texas to offer the loans.
Why is it you haven’t heard anyother lenders or banks offering this?
Remember, Service First Mortgage was number 11 in top 25 lenders for loans originated in Dallas Fort Worth last year, and with the collapse of a couple of them, we are more near #9 on that list. Loan volume coupled with the high integrity and high level of experience SFMC has a track record for, we are privileged to be in such a situation to be hand picked for this opportunity.
Is there a “mission impossible” type qualification necessary?
NO! Credit Scores as low as 620 may be accepted within this new program. Debt ratios between 41% and 45% are accepted. You DO NOT have to be a first time home buyer. The income can be 140% of AMI (Average Median Income), but they do not have to use the “household income”. This means that if the wife and husband make more than the 100% median income, but just one of the borrowers can approve for the home on just their income, we only have to use that income to determine if they are under the median income.
What kind of loan is it?
30 year fixed fully amortized loans
Flex 97 ₁
Flex w/subordinate financing ₁
That means that the interest rate will be that of what the market is today for other minimum down payment loans.