100 % Home purchase loans California

100% home purchase loans california. Apply Now

100 % Home purchase loans California

If you are purchasing a home, and have very little or no down payment, you can finance the purchase price with 100% home purchase loans . These ar 30 years mortgages due in 15 or simply 15 years amortized. There are two programs available – Conventional and FHA type.

 

Qualifications for 100 % Home purchase loans conventional

  • FICO based program with minimum of 640 middle score required.
  • Owner occupied home purchases
  • No Bankruptcies and foreclosures in the last 3 years.
  • All incomes needs to be documented with tax returns and or by other means
  • Lower Cash to Close for Conforming loan amounts $453,100 and below.
  • Borrower is married, but we do not add the non-borrowing spouse’s debt to the loan as the extra debt .

What is the criteria for 100 % Purchase loans  FHA ?

  • All loans are now FICO based program with 700 middle FICO scores
  • Eligible Homebuyers for both first-time and non-first time homebuyer.
  • Minimum 640 fico score
  • Owner Occupied
  • Sales Price Limits
  • Income Limits
  • Non-Occupant Co-Borrowers and Non-Occupant Co-Signers are not allowed
  • Single Family Resident Only (no mobile or manufactured homes)
  • Cannot exceed 5 acres maximum
  • Requires DU Approve/Eligible

For Mortgage Credit Certificate (MCC), if borrower qualifies for this program, they get an IRS refund equal to the MCC per month (see chart) x 12 months at the end of the year when Borrower files their 1040 Income Tax return.  For example, total mortgage interest for the year is $200 per month x 12 months = $2,400 total IRS refund plus any additional mortgage interest remaining that can be used to lower the borrower’s income tax bracket.  In this example, it would be $12,000 (total mortgage interest paid for the year) – $2,400 MCC = $9,600 additional mortgage interest remaining to lower the Borrower’s income tax bracket.  Please tell Borrower to consult their tax consultant about this MCC program when they are ready to file their income tax. The borrower needs to qualify with documented incomes in the form of tax returns and other means.

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