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You may qualify for a Cash Back with your Mortgage

 Imagine, home ownership is a realistic possibility even with little or no money down!

Currently Available: - 95% Financing with up to 3% Cash Back
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Things to know about Cash Back Mortgages

When you apply for a cash back mortgage you will normally need to show you have the required down payment and closing costs available, even though you are getting the cash back on closing. You will be charged a higher premium and rate with the cash back programs. Your mortgage payments, both principal and interest will reflect the % of financing excluding the cash back amount. Most lenders that offer these programs require the cash back portion to be paid back only if the home is sold in a specified time period.

**All cash back products are subject to credit approval and product availability.

If you meet the minimum requirements below, you may qualify for a cash back when you get a mortgage. There are a few different cash back programs out there, 95% financing with 3% cash back.

 

Minimum Requirements for a Cash Back Mortgage.

  • Beacon (FICO) score of 650+ for all mortgage applicants with a minimum of 3 years on the credit bureau
  • No late or late payments in the last 12 months (24 is better)
  • No outstanding collections or judgements
  • Minimum mortgage amount is $100,000
  • Two to three years of stable employment in the same industry with proof of satisfactory income
  • 45% of income can go to service the mortgage debt and property taxes instead of the normal 40%
  • Property being purchased must be close to a major urban area, zoned residential and complete (no fixer uppers!)
  • Past bankruptcy will be considered after discharged for 24 months and if credit has been re-established

 



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