Ocean Pacific Capital is pleased to offer a wide variety of 100% financing options to borrowers who are short on cash but looking to buy a primary residence, second home or investment property.
Employed, Self Employed, Full Documentation, Stated Income, or First Time borrowers are all welcome to apply for our 100% programs! We've been in this business for over 31 years and have access to over 130 different lenders who will compete for your business. We have the experience and resources necessary to get you a loan that perfectly matches your unique situation.
- Zero down payment or 100% financing - either a 1st mortgage exclusively or a combination of a 1st and 2nd mortgage. This is sometimes referred to as a piggyback mortgage.
- Advantages to 100 percent financing:
- No Cash needed for down payment
- Don't need to liquidate stocks and other investments
- Borrower may want to finance as much as possible for tax deduction purposes
- Requirements for 100 percent financing:
- Property must be owner occupied
- Fico Score 620
- Normally requires the use of both a first mortgage and a second mortgage
- Debt ratios of 45 or less
The main advantage of this type of loan, also known as 100% Financing , is the ability to buy a home with almost no money down. If you have a strong credit profile but have limited funds to commit to a downpayment, then 80/20 mortgage is just right for you.
Lenders typically require a downpayment of at least 20 percent of the purchase price. If the loan amount is for more than 80 percent of the purchase price, private mortgage insurance (PMI) is usually required. You can avoid paying PMI by getting a piggy back loan to back up your first mortgage.
The first mortgage is provided for 80 percent of the cost of the home and the 'piggyback' second mortgage is for the remaining 20 percent. The 80 percent first mortgage can be a fixed-rate (15-year or 30-year), adjustable-rate (usually 5/1, 7/1 or 10/1 fixed period ARM) or interest-only loan. The 20 percent second mortgage can be a home equity line of credit (HELOC) that changes with the prime rate.
Combined, the two loans allow you to purchase 100% of your home with no money down.
Mortgage Professionals Offering 100% Financing
If you are looking for a No Downpayment Loan (80/20 Option) and need more information or advice, we invite you to take advantage of our database of the most competitive lenders available. Just complete a short loan application and a friendly and experienced loan officer will contact you immediately. Please note that if you'd like to apply for a no downpayment loan, you should have a good credit history.
For more information on all these exciting 100% financing programs, please complete a free quote application and one of our friendly and experienced loan officers will call you within 24 hrs to review your personal financial circumstances and then work with you to find the 100% loan program that meets your specific financial needs. You can also call us toll free at 1-800-595-1474 for a free consultation. Read on to learn more about our loan programs or visit our main residential programs page for more details.
Premier home loan Financing!
Ocean Pacific Capital's home loan financing department is designed to meet our client's personal and investment goals from both a performance and cost perspective. With flexible home loan financing options, we are able to meet the needs of our borrowers' home loans. Whether you need to refinance your current home loan or need to acquire a purchase home loan, we will structure the most appropriate home loan finance program to meet your needs. Start your short home loan application now.
Home Program Overview
Our home mortgage loan program is designed to minimize costs while delivering the best home loan to meet our client's needs. We offer:
- home mortgage loans starting as low as 1.00%
- home loan mortgage interest only payment option
- 30-year fixed home loans (No balloon home loan)
- Cash-out home mortgage loans
- home mortgage loan payout periods of 3-5-7-10-15-30-40 fixed interest rates
- 30-day/45 day closing guarantee on all home loans
- home mortgage loans available for a less-than-perfect credit score (what some people call "bad credit")
- A high debt-to-income ratio can qualify for home loans
- home loans available even if you have previous bankruptcy or any other money issues
- Low-rate home loans, no-point home loans
- Conforming home loans and non-conforming home loans
- Full-doc home loans, stated-income home loans, & no-doc home loans
Ocean Pacific Capital's Underwriting Guidelines
- Minimum home loan size: $100,000-conforming
- Maximum home loan size: non-conforming-$10 million
- Maximum home loan Financing: LTV/CLTV: 100%
- All types of home loan Financing Available
- home loan rates start at 1%
- home loan fixed rate terms: 3-15 Years
- home loan term: 30 Years
- home loan lender fees: No cost, zero lender points also available
For up-to-date interest rates, for a free quote on a home mortgage, call us toll free at 1-800-595-1474
We offer a variety of loan application options, including a Quick Application, a Standard Application, and a 5 Step Application.