103% Purchase Loan

Nationwide Mortgage Loans offers many home purchase loan programs that require no money down.  The 103% purchase loan is a very unique loan program, because not only do you not need a down-payment for the purchase of the home, but the lenders allow you to also finance the closing costs up to 103%.  The 103% combo mortgages allow you to finance beyond the market value of your home purchase.  The 23% second mortgage loan will allow you to eliminate the lending requirement of private mortgage insurance.

$380,000 Home Purchase- 80-23 Payment Example:

$304,000 30 Year Fixed First Mortgage at 6.25%
360 Monthly Payments at $ 1,871.78

$ 87,400 30 Year Fixed Second Mortgage at 10%
360 Monthly Payments at $ 767.00

With the 80-20 fixed rate purchase loan, you don't have to come out of pocket for the 20% down payment that most traditional purchase loans require.  In addition, you will benefit from being able to roll the loan costs into the 2nd mortgage.

Nationwide Home Mortgage Loan Spotlight

Pay Option Home Purchase Loans
With interest rates starting at (see lender), it is hard for homebuyers to pass up the mortgage payments that are nearly 50% lower than the traditional 30 year fixed loans.

he interest is deferred and added to the balance, but this loan has helped many borrowers increase their purchase power because they qualify for larger loan amounts.

Finance Tips and Loan Advice

Benefits:
Lower rate for 30
No Private Mortgage Insurance

Concerns:
Interest rate is quite a bit higher than traditional 1st rates

  • Cash Out Refinance
  • 125% Second Mortgages
  • Debt Consolidation of High Rate Credit Cards
  • Low Rate Home Equity Loans

Don't wait any longer, Call 1-877-212-9478 to speak with a seasoned loan professional live. We offer a helpful consultation that includes a free loan quotes with no obligation.

 

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Additional Home Loan Pages:
40 Yr. ARM | 15 Yr. Fixed Jumbo | 15 Yr. Conforming| 30 Yr. Fixed Jumbo | 30 Year Conforming | Pay Option Purchase | Payment Option ARM | Bad Credit | Cash Out | Sub-Prime | 40 Yr. Pay Option | VA | FHA | 80-20 Home Equity Loans | 80-20 Purchase | 80-10-10 Purchase
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