100% Financed Mortgage
With the quick rise in home prices many Americans are unable or unwilling to come up with the traditional 10-20% down for a traditional home loan. E-Loan is able to 100% of the value of the home, so you don't have to put anything down for your new home.
Typically lenders have been able to offer 100% financed mortgage by doing a 80/20, or piggy back loan. An 80/20 loan is where the first mortgage is 80% of the value of the home and is a traditional 30 year fixed mortgage; the remaining 20% is a 3 or 5 year adjustable rate mortgage (ARM). This is a great way for new home owners with good or bad credit get into the home of their dreams - with nothing down.
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Credit issues
In the event that you have less-than-perfect or damaged credit, and are unable to come up with the large down payment necessary for a more traditional mortgage loan, we can help. The first, most important step to take in considering a 100% financed mortgage is to understand your credit standing by obtaining a free credit report. Purchasing and reviewing your credit report will provide you with the same information that lenders will receive when they review your application. Carefully review the material on your credit report, and if there are any incorrectly reported items, file a dispute to correct the erroneous material. If all of the information is correct, and you are unsatisfied with your credit score, then begin to pay all of your bills on time each month, do not open any new lines of credit, and try to pay more than the minimum payment on your credit cards every month. The quickest way to bump your credit score up is to make sure you are not using more than 50% of your total credit card limit.
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Time
If you are in need of a 100% financed mortgage, and you do not have the time necessary to improve your credit score, E-Loan can help. E-Loan specialize in bad credit mortgages and funds them in house so they close quickly.
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