103% Finance Home Purchase Mortgages is one reason every consumer should give thanks to all the competition in today’s mortgage industry. There are some good loan programs available that would require no money down and at decent rates as well. If a consumer has a desire to buy a home with absolutely “zero out-of-pocket cash” they should consider a 103% Mortgage Loan. The 103% Mortgage Financing is accessible via various lending establishments in America and allows the loan amount to exceed the purchase price by 3% in order to cover the closing costs.
Of course, there is never any “right” or “wrong” mortgage. And a 103% mortgage financing program is perfect for consumers who are either unable or else unwilling to provide a large down payment. Consumers will pay a little more in Private Mortgage Insurance (PMI), and rate, although it’s a humble cost to be able to obtain a home without any cash outflow.
103% Finance Home Purchase Mortgages are great for some consumers. Any consumer interested in this type of loan should make every effort to consult a dependable and trusted loan officer/lender who will be able to lay all the programs on the table for the consumer’s consideration.
About 103% Finance Home Purchases
Consumers may have some questions not covered so far and some of those will be addressed in this section. For instance:
Some of The 103% Finance Home Purchase Mortgage Programs
• Fixed-Rate Program Option
• Adjustable-Rate Program Option – ARM would have lower initial interest rate although the consumer should plan on paying approximately in the mid-six-percent range for a 103% mortgage loan that is “fixed” for the first three or five years.
• Other Programs May Be Available – consumers should check with their lender
103% Finance Home Purchase Mortgage Programs – Qualification and Credit Details
It is vitally important that consumers are aware of qualification and credit criteria for these loans.
• The consumer must have good credit. Should the consumer have several recent late payments on other bills, they may not be eligible.
• The consumer also must qualify and the lender will ensure the consumer’s income is sufficient to cover the loan amount applied for.
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