Yes…You heard right!
We now have a program that will allow a buyer with a mid fico score of 740 or higher to purchase a home up at $2.2m in price at just 10% down with no MI. In addition, we can underwrite these loans in-house at our office with a complete credit package to fully preapprove a client before they make an offer. This would allow them, to make an offer, not contingent upon the loan approval (not including appraisal and inspection). With a complete credit package this can be done within 2 to 3 business days (sometimes sooner).
This is a game changer for those that have always been told they need 20% down or more to purchase at this price point and to avoid mortgage insurance (also known at MI or PMI). In addition, for the client that has 20% down, now they only need to put 10% down invest the other 10% into the stock market or keep available for another property purchase or remodel.
(In some cases, the lender will also allow 15% down up to $3.52m in price or $3m in loan, but this approval over $2m in loan amount, would need to go to the investor taking us 1 week or more to obtain the loan approval for a no loan contingent offer. This is why getting preapproved is so important, especially as the market changes/demand increases on home purchases.
Currently the rate on the 10% down program is at 6.5% (APR 6.71) at 1 Point on a 30 year fixed or 6.25% at 1 point on the 7/1 ARM (fixed for 7 years but amortized over 30 years).
If you would like to get preapproved for the above, please let us know.
Senior Mortgage Advisor
650-465-8957 c 408-377-4123 o 408-608-1921 f
101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070
101 Loan LLC – CA DRE #01165697 NMLS #121019
101 Loan is an Associate of General Mortgage Capital Corporation
- Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
- Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
- Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
- Access to over 50 banks with over 300 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.
Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender.