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Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632 |
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Liberty Mortgage offers a wide variety of 100% financing programs to fit almost every credit scenario.
The seller can pay closing costs on most programs so you will typically have $600-900 out of your pocket
totally, (however you will have to have additional money up-front for earnest money, but you can get
it back at closing). Some programs also ask for 2 months of payments in reserves at closing, but if
you don't have that in the bank, it can be in a 401K or many programs allow gifts that you can give back
to the donor after closing. The following programs are the ones we mostly use.
GOOD TO EXCELLENT
CREDIT:
We have a non-conforming loan that doesn't require PMI so you can write off all the interest.
You have your choice. The non-conforming loan has a higher interest rate and will not escrow, or if
you want a conventional loan, it offers a lower interest rate but when you add in the PMI payment, you
are almost identical in payments, however the PMI is not tax deductible. Most conventional programs will
be automated underwritten for approval. Ratios are 50% for all your debts on non-conforming programs
and 40% on conventional, but if your credit is superb, automated will probably approve higher ratios.
For 1st Time Homebuyers or if you don't own any other property, we have a 3% down program through Fannie
Mae where the seller can pay your 3% down and up to 3% in closing costs. This loan is great when you
have a property that will not pass FHA. This loan will require PMI.
MODERATE CREDIT:
FHA allows
a program called The Futures where the seller can pay your 3% down required
by FHA. The
seller can also pay up to 6% to cover closing costs. Remember FHA
does not credit score, so this programs covers a lot of credit scenarios.
POOR CREDIT:
There are many programs in subprime lending that will do
either 1 loan at 100%, 2 loans 80/20 equaling 100%, or a 60-85% first mortgage with a seller holdback
second mortgage for the rest, equaling 100%. With this you have to make a second mortgage payment to
the seller as well as a first payment to us. The program here that we can get you into is solely based
on credit so we have to see your scenario before we can advise. If you are reading this web site for
use down the road and you rent from an individual, not a complex, always pay by check or money order,
never cash.
Again, there are so many 100% programs available, please call us to evaluate your
scenario.
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