107% Finance Home Purchase

Should a consumer desire to purchase a new home but they have very little money banked, there are several avenues to get approved for a home mortgage with “no money down”. Homebuyers today have a plethora of mortgage program options available to them.

Some good options for consumers to consider when they desire 100% financing for a home loan involves either obtaining a loan for 103% Financing or a loan for 107% Financing. 107% Finance Home Purchase Mortgages are just perfect for homes that need a great amount of cosmetic repairs.

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Should a consumer apply for more than 100% financing, a good/fair credit rating is a MUST. Usually, the 103% financing for full document loans require a credit score minimum of 600. For 107% financing for home loans a credit score of at least 680 will be required.

About 107% Finance Home Purchases and Recent News, News History, if applicable
Consumers may have some questions not covered so far and some of those will be addressed in this section. For instance:

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What Are The Benefits of This Type of Financing?

The benefits are definitely obvious, meaning no money down home loans. That’s right – down payments are not required! Typically, mortgage lender would request new homebuyers to have a down payment of 20 percent, 5 percent, or 3 percent. Due to the mounting cost of living, makes it difficult for middle-class consumers to save money to buy a home. In lieu of alienating the majority of working-class consumers, lenders have chosen a smarter approach and began offering a vast array of home loan programs / products for every consumer’s need. A drawback to this type program is that these loans can carry a slightly higher interest rate. But, if a consumer’s credit is good, the rate increase would be hardly noticeable. Keep in mind that a good credit rating is not required for getting a no money down mortgage home loan. American consumers are fortunate there are loans available for all credit situations.

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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.