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.