103% Home Purchase Finance
California is known for its eclectic population and landscape. Every person is different in California, so it only makes sense that everyone would have a slightly different financial situation, and would need a slightly different mortgage. If you need a little help with the down payment and closing fees, check out the 103% Home Purchase Finance Mortgage. Keep reading to find out more details and see if the 103% Home Purchase Finance is right for you.
Request a free Mortgage Quote now >>
Overview of the 103% Home Purchase Finance
The 103% Home Purchase Finance comes exactly the way it sounds; it finances 103% of your home purchase. 100% financing means that you will not have to offer a down payment for your loan. In the case of this loan, you will also get an extra 3%. This extra bit of money is used to cover most of the closing costs that you will need to pay for your mortgage loan.
Request a free Mortgage Quote today >>
Common Questions: Advantages and Disadvantages of the 103% Home Purchase Finance
- The main disadvantage of 103% Home Purchase Home Finance Mortgages is that they are larger mortgages. Since you will not put any money down to start, the balance of your loan will be larger and will take longer to pay off, and may come with higher monthly payments.
• The main advantage that comes along with the 103% Finance Home Purchase Mortgages is that it allows first time homebuyers to make the transition from renting to home owning much easier. Many renters can afford to make monthly mortgage payments, but cannot afford to save up 5%-20% of the price of their home for a down payment. With a 103% Finance Home Purchase Mortgage do not have to pay closing fees or down payments. With this mortgage, becoming a homeowner is a cinch.
Request a free Mortgage Quote today >>
