Home > Blogs > California > Santa Clara County > Great new loan program. 10% down with no mortgage insurance!!!

The Straight Truth

By Jennifer Beeston @ Guaranteed Rate Mortgage

By Jennifer Beeston | Mortgage Broker
or Lender in California

Great new loan program. 10% down with no mortgage insurance!!!

Over the past few years we have seen the market get more restrictive.  Well, we are starting to swing the other way. Hooray!!!  This program is really good.  Here is the deal:


-Good on any SFR, PUD, condo and Manufactured (yes, we are doing manufactured again now)

- NO CREDIT SCORE NEEDED- NO minimum FICO score!!!! (you cannot have liens, judgments or collections)

- Minimum only ONE year employment for salary employees

- The rates are competitive with current 20% down rates. 
-Owner Occupied Only 

The Fine Print

- There are income limits HOWEVER if property is in designated census tract there is NO INCOME LIMIT.  We can determine this on an address by address basis

- 3% must be your own funds

- Homebuyer education required in most cases (you can do online; super easy)

- You can only own one other property
- Max loan amount $417,000 (can do $500,000 in certain areas)

To inquire about income limits or to qualify please email Jennifer Ready at  jready@mmcdcorp.com 707-478-0637 or Julie Bell at jbell@mmcdcorp.com 415-378-2536




By Monir Mamoun,  Wed May 4 2011, 10:44
Can you provide some typical interest rates people would see on these loans? Are we back to sub prime?
By Jennifer Beeston,  Sat May 7 2011, 09:11
I don't think I would qualify this program as subprime. A borrower with tax liens, and multiple collections will not qualify for this program. Also, the borrower has to meet the debt to income guidelines which are slightly more restrictive then FHA.
The rate with ZERO discount points and Zero origination points is betwenn 5 and 5.25% depending on the day.
Thankyou for asking Monir:)

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