100% Financing (actually 102%)

 Benefits

v   Can finance 100% of the purchase price, no down payment necessary!

v   No Mortgage insurance – this is a huge savings!

v   Sellers can pay closing costs and not limited to 6% of the sales price!

v   Closing costs can be from a gift from family or friends!

v   No minimum of cash contribution from borrower for down payment or reserves.

v   For most borrowers, verification of rent is not necessary.

v   Chapter 7 and 13 Bankruptcy ok as long as discharged for 3+ years.

v   Credit score can be as low as 580.

 Mechanics of program

v   Government-backed program – 2% one-time guarantee fee can be added into the loan so you are financing 102% of the appraisal value if higher than the sales price!

v   Full income and full asset documentation loan which is limited, so call Sapphire today to get pre-qualified.

o      If self-employed, please provide 2 years of tax returns

o      If employed, please provide 2 year W-2s and latest one month pay-stubs.

v   Non-occupant co-borrowers are not allowed.

v   Geographic restrictions.

v   Income limit restrictions.

 For more details, contact Nancy Bayron today!