Colorado no money down loans

DLJ Affordable Plus

Qualifications, advantages, and conditions.

1. Minimum credit score of 600 FICO

2. Maximum loan to value is 100%

3.Seller contribution up to 6% (May be applied to closing costs, prepaid, mortgage insurance or down payment.

4.Maximum loan amount of $350,000.00

5. For 1 unit no reserves required.

6. For 2-4 units 3 months reserved required.

7. Bankruptcy must be discharged 2 years.

8. Ratios - 43% if credit score >680 & >2month reserves, debt to income ratios is 45%

9. Non occupant co borrower allowed; must be blood relative & allowed only to meet ratios; owner occupant ratios must still be 36/48.

10. There is a rate adjustment to this program; call for details.

Example:

#1. A college student would rather purchase a home instead of renting. The student works part time and goes to school full time. With the students income, he/she would not be able to qualify for the loan.

With this program the parents use their income to qualify for the loan and the student still uses all the benefits of a first time home buyer program. No money down for the parents and the seller can pay all the closing costs.

After 4 years of school parent and student sell and gain the profits.

#2. Family would like to purchase first home with no money down. With a ratio of 36/48 this means that the front end ratio of 36% can be towards a mortgage.

In PLAIN TALK: A family wants a 3 bed 3 bath 2 car garage home. The one they like is $210,000.00 how much do they have to make? Well the mortgage would be approximately $1,455.00. Which means the family gross income would need to be approximately $4,000.00 a month front end. The back end means after all the other bills such as credit cards, car payments, and so on it could not exceed 48% of the families gross income or $1,920.00 including mortgage payment.

This page features Fort Collins real estate, and homes for sale, land for sale and other real estate for sale in Fort Collins, Loveland, Greeley, Wellington, Windsor, Berthoud, Longmont, Cheyenne, and neighboring communities. Search this site for homes for sale in Larimer County communities including, Fort Collins, Loveland, Greeley, Wellington, Windsor, Berthoud, Longmont, Cheyenne, and find your dream home! Jeff Puckett, an experienced real estate professional, can help you buy, sell or lease a home or other real estate throughout the Larimer County, Fort Collins, and the surrounding communities. The very best Realtor you can find anywhere. Jeff Puckett, a Fort Collins realtor with property for sale through out Colorado and the Front Range. Jeff Puckett has the tools to help you find no money down property, no money down homes, government loans, owner financing, owner carry, real estate investments, duplex, rental property, new construction, foreclosed property, foreclosures, horse property, land, construction loans, and anything else real estate related you may need. Jeff Puckett is the perfect realtor for you.