No Down Payment Mortgage
100% Financing = 100% Possible
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Having trouble coming up with a down payment on your mortgage? Or, maybe you'd rather save your cash for the other expenses of buying a home. At Members First Credit Union, we realize that coming up with a hefty down payment can be the first barrier to realizing home ownership. We've lifted that barrier with our No Down Payment Mortgage Package... now you can afford a home.
If you have any questions or would prefer to complete a printed application, please contact a mortgage representative by email
or phone at (800) 860-3832 or (603) 622-8781, ext 770.
The Fine Print
The mortgage loan application process requires a credit report fee
of $25.00. This fee is non-refundable. In addition the appraisal fee
will be collected from you once your loan has been approved. This fee is
also non-refundable. The No Down Payment Mortgage is made up of a first
mortgage equal to 80% of the purchase price, and a second mortgage in the
amount of 20% of the purchase price. In no event shall the total of the 2
loans exceed the purchase price or appraised value, whichever is less. An
escrow account for property taxes, homeowners insurance and flood insurance (if
required) will be established at closing. Homeowners insurance is
required. All Borrowers on the loan must be owners of the property.
Only 1-2 Unit Primary Residences are permitted. Rates and terms for the
loans vary, and are based on your credit history. Applicants must meet
all program criteria including but not limited to income, monthly debts, credit
history and assets to be eligible. Minimum credit score of 660 for all
borrowers is required.