Zero Down Mortgage

The Zero Down Mortgage is designed to offer homeownership opportunities to individuals with good credit but who lack the ability or desire to make a down payment on a home. It provides an option for those who wish to invest their savings in assets other than their home. The fixed rate loan is available for purchase, construction, or purchase/ home improvement of an owner occupied primary residence. While not required to make a down payment, you must have 3% in the transaction. These funds are applied toward your closing costs and may come from your own funds, a gift from a relative, grant, or sale of assets you own.

Other underwriting requirements include:

All borrowers must occupy the property
Maximum Loan is $1.4 Million Dollars
Minimum 620 Fico credit score if you are a wage earner, and 640 for state income
1 unit primary residence only. Includes approved condominiums and PUDs.
Requires 3% cash toward closing costs
Your income may not exceed 100% of your median income. Call or email for your area's median income.
No bankruptcy or foreclosure within 7 years of closing.
Total monthly debt to income ratio may not exceed 41%

California Home Loan & Mortgage P.O Box 10234 Moreno Valley, CA 92552 voice 951-685-7500 fax 951-346-3479

Majestic Mortgage #01257480 Licensed by the CA Dept of Real Estate Mortgage Website by Loans Interactive

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