NO MONEY DOWN HOME LOANS (Not VA, USDA or Bond Programs)

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,058
162
63
San Diego, California
www.loansreduced.com
We have just launched a new product to help people gain equity faster through our program called Wealth-Builder. This program requires no money down however you will want to review the requirements below. I know many people that can afford a house payment but don’t have enough saved to purchase a home, this is a program for you.

Program Details:
  • 100% Financing! No Money Down
  • Loan must be a 15 or 20 Year Amortization
  • 5/1, 5/5 & 7/1 ARM's available
  • You must qualify based on a 15 or 20 year fixed
  • 43% Maximum DTI
  • 475,000 Maximum Loan Amount. 50,000 Minimum.
  • 2 Months Reserve Requirements
  • 680 Minimum FICO
  • Gift Funds Allowed (may change FICO requirement to 720)
  • All Borrowers Must Occupy the Residence

There is no equity or profit sharing in this loan, it is simply designed for you to build equity faster through a shorter-term loan. We have determined that this product is less risky which is why we have opened it up to the public.

This program is not available in all 50 states, I have listed the ineligible states below. Anything outside of the states mentioned are good to go! Alaska, Hawaii, New York & Washington Any state outside of the ones mentioned here are eligible. California has just launched as of 02/27/2019.

If you would like more details of this program, please make sure to contact myself here: [email protected] or by phone 619-379-8999

If you would like to watch a video about this program, see below:

I have also updated this video based on the California being eligible:
 
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OneHugeMess

LoanSafe Member
May 30, 2016
475
32
28
What are rates like? And is there PMI or LPMI included?

What would a scenario be for something like -
720+ FICO, State of Arizona, Full Doc, Pretend 28/30 DTI.
 
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Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,058
162
63
San Diego, California
www.loansreduced.com
Actually rates are awesome! let me run a scenario for you. MGIC is the MI provider for these loans and also provided at a discount.

"Mortgage insurance is required, but available at significantly reduced insurance coverage levels of 20% or 23%, depending on the loan credit score. Borrower Monthly and Single Pay options available. Financed MI is allowed. "
 
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Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,058
162
63
San Diego, California
www.loansreduced.com
Hey OneHugeMess,
I was having a hard time pricing it out for awhile and noticed that the qualification is based on a 15 or 20 year amortization but only a 5/1, 5/5 and 7/1 ARM are available.

*5/5 arm only adjusts every 5 years after the initial adjustment.

Based on your criteria the pricing today is:
5/1 ARM (15YR) -- 5.625 no points, 5.25 1 point
5/1 ARM (20YR) -- same as the above
5/5 ARM (15YR) -- 5.75 no points, 5.375 1 point
5/5 ARM (20YR) -- same as above
7/1 ARM (15YR) -- 5.875 no points, 5.5 a little less than 1 point
7/1 ARM (20YR) -- same as above

Below is the MI table:
MortgageInsuranceWealthBuilder.JPG
 
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OneHugeMess

LoanSafe Member
May 30, 2016
475
32
28
Hey OneHugeMess,
I was having a hard time pricing it out for awhile and noticed that the qualification is based on a 15 or 20 year amortization but only a 5/1, 5/5 and 7/1 ARM are available.

*5/5 arm only adjusts every 5 years after the initial adjustment.

Based on your criteria the pricing today is:
5/1 ARM (15YR) -- 5.625 no points, 5.25 1 point
5/1 ARM (20YR) -- same as the above
5/5 ARM (15YR) -- 5.75 no points, 5.375 1 point
5/5 ARM (20YR) -- same as above
7/1 ARM (15YR) -- 5.875 no points, 5.5 a little less than 1 point
7/1 ARM (20YR) -- same as above
I'm actually shocked. Those are great rates - esp for that LTV. Assuming some market appreciation - and the principle paydown, someone could easily refinance this after two years to drop the PMI, and get a lower payment with a 30yr Fixed.

While I'm not currently a candidate - I definitely could think of a few who would benefit from this. I'll be sure to pass it on :)
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,058
162
63
San Diego, California
www.loansreduced.com
Thanks a bunch that really does mean the world. You know me, I like to educate everyone on the new goodies that come to the marketplace.