You may qualify for a Cash Back with your Mortgage
Why Cash Back?
- Those who do not qualify for 100% financing
- Need additional money for closing costs
- Need extra money for appliances
- Need extra money for small upgrades and renovations
If
you don't qualify for our 100% financing Mortgage Products, you may still
qualify for one of our cash back programs.
Currently Available:
- 95% Financing with 3% Cash Back
- 95% Financing with 5% Cash Back
- 100% Financing with 3% Cash Back
- 100% Financing with 7% Cash Back
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, 95% financing with 5% cash back or the popular 100% financing
with 7% cash back. These are always good when you need some extra money to buy
appliances etc.
Minimum Requirements for a Cash Back Mortgage.
- Beacon (FICO) score of 640+ 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
Imagine, home ownership is a realistic possibility
even with no money down!
