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For fast answers on zero down, interest only loans, 12 MAT
option arms, jumbo and super jumbo loans, and all other types of purchase and refinance mortgages...in all 50 states. |
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People are saying...
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...for fast, hassle-free, zero down, interest only loans.
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Zero down interest only loans are currently very popular mortgage programs which are available
through a large number of mortgage lenders. There are exceptions as to how they're structured, but they're typically offered as 80/20 or 70/30 combo loans... which means there are two loans combined to achieve their 100% loan-to-value ratio. Usually, the interest only option is available only on the first or larger loan. At 80 or 70 percent, this loan usually has an adjustable rate. While the smaller loan, at 20 or 30 percent is a fixed rate mortgage. And, it's typically 2.5 to 3.5 percent higher than the first loan. The interest only option is available for a fixed period of time... very often 5 years... afterwards it reverts to a full principal and interest payment. You don't need to have great credit to qualify for one of these loans. |
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Your FICO score and zero down, interest only loans.
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The vast majority of lenders who offer zero down mortgages require only a minimum, midscore FICO
of 580... this is only fair credit... almost bad credit actually. There are some lenders who make
exceptions and who drop minimum midscores to 575, 570 and even as low as 560. However, these lenders also place restrictions and add extra requirements for qualification. |
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The very best way to have your all your questions about zero down, interest only mortgages, qualification
requirements, rates, terms and pricing answered is to get preapproved. If you are not able to obtain preapproval, we'll tell you why, and provide direction for what you can do about it. |
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For a fast, free, no-obligation preapproval, please click here.
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