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3% Down Payment Program

NEW mortgage financing program that allows you to receive a 15 or 30 year fixed rate mortgage, for a minimum down payment of 3%.

The uniqueness of the program is that the down payment can come from any combination of the following sources:

• Borrowers own funds
• Gift or loan from a family member or relative
• Unsecured debt, such as a personal loan
• Credit Cards
• Grant from any employer, non-profit, or government agency

Details

Qualifying

You may qualify for this outstanding mortgage program in one of two ways:

Option One

• A FICO credit score of at least 660
• No more than one late payment in the last 12 months (credit cards and/or installment loans)
• No late mortgage payments in the last 12 months

Option Two

• Minimum of four credit debts per person on your credit report, that are at least two years old. The maximum number of debts per person is nine. All accounts that have been closed for less than six months, and/or accounts with zero balances, count towards the maximum number.
• No history of major delinquency
• No late mortgage payments
• No late payments in the past 24 months
  
  

*** For most people, Option One will be the easiest option for qualifying purposes ***

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Send e-mail to John Shea at: loan@mindspring.com
Last modified: July 13, 1997