Some extraordinarily advantageous mortgage offerings have surfaced in recent weeks.
This is for two reasons: (1) Lenders (or investors that buy loans) are desperate to generate volume; and (2) Lenders/investors are desperate to appease regulators by offering special financing to first-time homebuyers, particularly in economically oppressed areas.
1% Down Loans!
One of these new offerings is a 1% down loan – which is probably the most competitive loan offering we have ever seen, as the rates are low and there is NO PMI too!
It is effectively a 3% down loan, but the investor (that buys these loans) is offering a forgivable grant to cover 2% of the down payment.
THERE IS ONE HUGE CAVEAT THOUGH: The maximum loan amount is only $350,000.
So, in the Bay Area, this financing can only be used to buy … a bathroom, maybe (on a good day).
BUT – in Texas, the Central Valley and elsewhere, this is nothing short of awesome!
So awesome in fact that we have already made a few dozen co-branded flyers for agents (so, if you are an agent and you’d like a flyer too, please let us know).
3% Down Loans With No PMI!
Another product that surfaced recently is a 3% down loan with low rates and NO PMI!
This loan is not quite as competitive as the 1% down loan above, but it at least has a much higher maximum loan amount of $726,200.
This loan is NOT available in Texas though for some reason, but it is available in all of the other states we are licensed.
And – it is great for condos and lower-priced areas in CA.
Both loans above (the 1% down and the 3% down) have income limits too, but they are pretty generous.
Founder | JVM Lending
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