Five Star Mortgage of Duluth has announced a no down payment conventional home loan with a credit score as low as 620. This is a conforming loan which means the maximum loan amount can not exceed $417,000 and the loan can only be used for a single family residence (Not for a Condo). Seller contributions can not exceed 3% of the loan amount and the loan will carry mortgage insurance. Borrowers are also required to have one month of PITI (Principal, Interest, Taxes and Insurance) as reserves. Borrowers should note that the maximum allowable income for this program is 140% of the Median Income for the area or aproximately $96,000 annually based on today’s calculations. In addition borrowers should also note that a maximum debt ratio of 45% is the maximum allowed.
I guess you could say that this is a “Mortgage Stimulus Package” for Greater Atlanta. Are you looking for a home and just needed a financing option to make it happen? Are you tired of paying rent and someone else’s mortgage but just don’t have the cash for a down payment? This could be the answer to make your dream of home ownership come to life. Why don’t we get together and discuss your needs? Just Contact Me for a confidential consultation.
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Good for the Five Star Mortgage folks! Now to just get the word out to all those buyers sitting on the fence. There really hasn’t been a better time to buy than right now. Our investors know it, they are buying up every affordable house in the area…
Kristal Krafts last blog post..Deadly Sins of Home Selling
We need to let the buyers know that they can still buy a home and there is great rates and terms available
Kristal and Sandra, you are both so correct. Now is a great time to buy as rates are down and with the over abundance of inventory prices are also very competitive. It remains a buyers market in the metro Atlanta Area.