100% Mortgage Loan Financing Options

100% Mortgage Loan Financing Options
80% First mortgage and 20% Second mortgage (80/20 loan)
An 80/20 loan is two separate loans. The reason for this split is to avoid mortgage insurance. Mortgage insurance is required if any loan passes 80% of the value of the home or current purchase price (calculation based on the lower of the two if applicable).

First mortgage can be any of
the following products:
30, 20, 15 Year fixed mortgages or
6mo,1,2,3,5,7,10 Year ARM's
(Adjustable Rate Mortgages)
Also available with the Pay Option Arm

Second Mortgage can typically be
any of the following products
30 Year fixed mortgage or
Home Equity Line of Credit
Advantages
Credit scores down to 580 are acceptable.
Interest on both loans may have tax benefits.
Reduced documentation available.
Avoid mortgage insurance
Disadvantages
Two separate payments.
Second mortgages typically carry higher interest rates.
100% up to 107% single loan
Single 100% loans are hard to come by and usually carry mortgage insurance. These loans can be effective to pay off credit debt or to finance closing costs.

First mortgage can be any of
the following products:
30, 20, 15 Year fixed mortgages or
2,3 Year Adjustable Rate Mortgages
Advantages
Credit scores down to 600 are acceptable..
Reduced documentation available.
Finance closing costs or get more cash out.
Disadvantages
Mortgage insurance payments apply
100% single loans usually carry higher interest rates.

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