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Typical mortgage
programs are designed around three basic areas of verification that
not all of us can meet. The programs listed below may help you to
own a home or refinance your existing home without being "typical".
First,
let’s look at what "typical" qualifiers are:
| Good
Credit |
| That
usually means you have had good credit for the past year, that
you don’t have any unpaid collections or judgments and
that if you have had a bankruptcy, it was discharged at least
two years ago. |
| Verification
of Income to Qualify for the Payment |
| This
is sometimes difficult in our ever changing economy. Many people
get extra pay for overtime hours, work on a commission basis
or are self employed and therefore have income that may not
be acceptable based on traditional mortgage programs. |
| Verification
of Funds for a Down Payment |
| Most
conventional and government programs require that you have money
from customary sources for a down payment. These down payment
requirements range from 3% to 10% or more. However, many people
today have a hard time saving for a down payment but have the
ability to make a monthly payment on a home of their own. |
Popular
Sumner Home Mortgage programs that are untypical:
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NO
INCOME VERIFIER |
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If you
have fairly good credit and some money for a down payment but
your income is not verifiable, we can help. Sumner Home Mortgage
has several programs that can help you to buy or refinance your
home without verifying how much money you make. These programs
range from 5-20% down depending on the property and your credit. |
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NO
INCOME AND NO ASSET VERIFIER |
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We have
programs that do not verify your income or demand to know where
your down payment came from. These programs qualify you based
on your credit and the property. Down payments on these programs
start at 10%. |
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ZERO
DOWN PROGRAMS |
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You may
have heard that you can’t buy a house with zero money
down unless you are a military veteran. That is just not true.
We have multiple options for you. However, you will need to
verify your income and have a pretty good credit rating. |
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LOW
DOWN PAYMENT INVESTOR PROGRAMS |
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At Sumner
Home Mortgage we have programs designed for real estate investors,
whether it is your first rental or you own the whole block.
We have programs with as little as 10% down without mortgage
insurance. |
As we run across
other special programs we will add them to our web page. If you
have a special situation that you need a solution for, we would
be happy to try to find it for you. Please contact
us for further information about any of the listed programs
or more details.
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