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Low Down Payment
Low Down Payment Mortgage
Low Down Payment Program
* NEW YORK * CALIFORNIA * FLORIDA
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*brokers protected |
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Low Down Payment Mortgage Loans
0%, 3% & 5% Down.
- $75,000 to $1,300,000 mortgage loan amounts with low down payment option.
- California, New York, Florida, Maryland or Investor Nationwide.
- Fico score exceptions for qualified borrowers. Low down payments available for various credit grades.
- All prior situations considered including bankruptcy, foreclosure, leins, and title encumberances.
- Pre-Approvals in 60 Minutes or less.
- 24 hour Full Commitments from review of appraisal and title.
- Down payment requirements expressed as a percentage of the total sales price. ie: 3%, 5% 10% etc.
- Co-signors or co-borrowers are welcome! Let us pre-qualify you to determine if neccessary.
- Rate: 4.875% first time buyer option.
- 100% financing with no expensive PMI. One traditional first mortgage. A second at a slightly higher interest rate (Typical on 2nd mortgage leins due to increased security risk to lender).
- Limited or No income check Ok. Some programs do not require paystubs, but do require an employment verification letter. Other programs will accepted stated income and require no documentation.
- Closing costs financed up to 6% of the loan amount- not to exceed a sales price reduction.
PROPERTY TYPES
for Low Down Payment Mortgage Loans
- Single Family & Condominium "Condo's"- 100%, 97%, 95% and 90% percent options.
This loan requires no down payment, or closing costs to be saved but may require a savings of up to two months mortgage payment be available as a borrower reserve. "Two months PITI" (Principle, Interest, Taxes & Insurance). All can be financed but the two months reserves. Some LOW DOWN PAYMENT mortgage programs do not require PITI reserves to be evidenced.
- Two Family Home - 100%, 97%, 95% and 90% percent options. This loan requires no down payment, or closing costs to be saved but may require a savings of up to two months mortgage payment be available as a borrower reserve. "Two months PITI" (Principle, Interest, Taxes & Insurance). All can be financed but the two months reserves. Some LOW DOWN PAYMENT mortgage programs do not require PITI reserves to be evidenced.
- Three to Four Family Home - 95% and 90% percent options. This loan requires a minumum of 5% of the purchase price for down payment. Closing costs may be financed. This program may require a savings of up to two months mortgage payment to be available as a borrower reserve. "Two months PITI" (Principle, Interest, Taxes & Insurance). Some LOW DOWN PAYMENT mortgage programs do not require PITI reserves to be evidenced.
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Coop / Co-op Mortgage Loan - 90%, 85% and 80% Financing Options. This loan requires a minumum of 10% of the purchase price for down payment. Closing costs may be financed. This program may require a savings of up to two months mortgage payment to be available as a borrower reserve. "Two months PITI" (Principle, Interest, Taxes & Insurance). Some LOW DOWN PAYMENT mortgage programs do not require PITI reserves to be evidenced.
Financing Closing Costs
Closing Cost Financed on a
Low Down Payment Mortgage
Closing costs may be financed. The amount should not exceed 6% of the total mortgage loan amount. The amount can not exceed the discount the seller has given from the listed sales price. The price cannot be raised. The discount off of the listing price (MLS, RELATOR, etc..) can be issued as a seller closing credit, which the buyer finances.
If the property has not been listed, the contract price can also include a seller credit toward closing costs. However the appraised value must be as high enough to cover both the amount the seller expects as a net, as well as the closing costs. This will only occur if the seller agrees to sell the property below the appraised value of the property, which is often referred to as a seller concession. Seller concession's are given to help sell a property to a qualified buyer or to move the property to a faster sale. Seller concessions must be listed on the purchase contract between the buyer and seller. If the purchaser decides to finance closing costs or negotiate a seller credit, it must also be listed on the Fannie Mae application (Form number 1003) commonly referred to as a "10-0-3". There is a section on the details of transaction page 3, for this information to be listed. The lender will look to see that it is in compliance with it's maximum closing cost credit, guidelines for the specific loan program applied for. Some restrict the credit to 6% while others restrict it even further to 3% of the mortgage loan amount.
Financing or receiving a seller credit toward closing costs is an effetive tool to assisting home buyers with their capital requirements. This reduced up front expense reduces the amount needed at closing, or needed to be evidenced in the buyers checking or savings account. Buy offering low or no down payment mortgage loans to new home buyer's, more first time or trade up home buyers may qualify for a new home and new home mortgage. To apply for a low down payment mortgage online, or to pre-qualify for a low down payment mortgage loan online or by phone, contact us.
For immediate information, on a low down payment mortgage loan,
call Eric C. at 1-516-364-1500 or email Eastland.
Let our experience work for you. Please also feel free to ask for a manager to obtain
an appointment either in person or by phone.
Eastland Mortgage
1(800)eLend26 or
516-364-1500
email: Info@EastlandMortgage.com
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Low Down Payment Mortgage Loan Real Estate Appraisals
Eastland Mortgage offers low down payment programs on residential homes, investor homes and commercial real estate property. Low Down Payment Mortgage programs are an inexpensive alternative to conventional financing and can make it easier to purchase a home sooner. Depending on the real estate market, prices can be either accelerating or lowering in value. If the property is going up in value, waiting to save an extra five percent down payment, can be costly, especially if a home goes up beyond 5% while waiting and saving. More importantly, the saving and tax deductions available to homeowners can be lost on rent. Therefore it pays to consult with your financial advisor as to wborrower credit grade. Get pre-qualified to find out whether it is the right time to purchase and finance a home.
Eastland Mortgage has been offering unique and prompt solutions for low down payment mortgage loan financing since 1992. All low down payment mortgage loan programs are not the same. They may have different terms based on property type, and use. Long Term thirty year, forty year, and fifty year mortgage repayment term options, are available for residential home mortgage loans. Interest reduction for first time or trade up buyers may be offered from one to three years. Refinancing a low down payment mortgage loan may not be immediately possible as refinance programs may require higher minumum equity reserves in the property such as 5% or more.
Low Down Payment Mortgages
In New York(NY).
Low down payment financing in New York may not be identical to Low Down Payment Mortgage Financing in other States.
Not all lenders are qualified to lend in New York State. Be sure your loan program is available in New York. With Eastland Mortgage, all programs offered are available in New York. Whether upstate New York, NY, Western New York, NY, Brooklyn, Queens, Bronx, NYC, Westchester or Long Island, New York, NY, any program for buyers is available in New York. Low or NO Down payment mortgage loans are all available in New York.
NEW YORK - LOW DOWN PAYMENT MORTGAGE LOAN & No Down Payment Mortgage Programs
New York properties requiring low down payment financing, condominium mortgages, coop financing, or 1-4 family mortgage loans may be approved rapidly. The fastest mortgage approval has been in 15 minutes, and can typically be done in sisty minutes or less. A written commitment (which under New York law can only be issued with the review of a real estate appraisal, can be issued in one business day. That is not typical, but is possible for fast mortgage approval and financing. For rapid approval of a low down payment mortgage, keep important credit information on hand and available. Employment, Income (if applicable an not a stated loan) rental verification ( Letter, or cancelled checks, receipts) bank statements and purchase contract are the key items you will need to get started.
Low Down Payment Mortgage Loans
for Jumbo Properties, or with Jumbo Mortgage Loans
Up to 1,300,000 in financing on luxury property can be up to 100 LTV for qualified borrowers. 100% or No Down Payment Mortgage Loans are given at up to 85% or 80%for a traditional first mortgage, and up to 15 or 20% on second - Not to exceed 100%. Closing costs may be paid by the seller of the property up to 6% of the loan amount. In some programs a cap of 3% is given to closing costs. If a cap on the financing of closing costs is given to a borrower on a low down payment or no down payment mortgage, a borrower should choose a low closing cost option, to minimize up front costs required. It is possible to obtain very low closing costs that in many cases will be at or below 3% of the loan amount. However in high tax areas, mortgages may have high mortgage tax rates they can charge up to 1.25% which is the equivalent of $1,250 on only a one hundred thousand dollar loan. On a four hundred thousand dollar loan, it would be as high as $5,000.00. Be sure to have a good faith estimate to help budget in advance for the costs expected, or needing to be financed.
Contact a senior loan officer to determine the time needed to approve and fund a low down payment mortgage loan in New York.
Eastland Mortgage
1(800)eLend26 or
516-364-1500
email: Info@EastlandMortgage.com |
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