Are you a first time home buyer and are looking to obtain a no down payment purchase loan? We have at our disposal a wide selection of zero down loan programs, so even if you have damaged credit we can find an appropriate loan program for you. Ocean Pacific Capital is a 28-year old licensed California and Colorado home loan mortgage company that offers low rates on home mortgage loans and the trusted, expert services that you deserve without the hidden home loan costs. We have access to over 130 lenders competing for your business, so with us you'll have the peace of mind of knowing you're getting the lowest rates possible for your situtation.
No down payment loans require little or no cash from the buyer at the loan's closing. No down payment is required and closing costs paid by the borrower (seller can contribute up to 6% towards closing costs).
Even though Private Mortgage Insurance is generally required on any loan without at least 20% equity in the home, some loan programs allow you to avoid paying mortgage insurance.
No down payment purchase loan programs can be a good idea for first time home buyers. Or maybe you're thinking of buying a vacation property, or could better use the money for other purposes. Up until about 20 years ago, the average down payment for a house was 20%. Now, it's common for people to put down only 5%. New loan programs introduced by mortgage lenders even allow you to make no down payment at all on your new home purchase.
These programs are known as zero-down or no down payment mortgage loans . This means that you are financing 100% of the appraised value of the home. Lenders introduced this type of loan because ever rising property values, which helps homeowners create equity in their home. While no down payment mortgages can be a little more difficult for lenders, they are able to finance 100% of the purchase price. Lenders are now better able to review a client's entire profile which helps ensure they are an acceptable risk.
Is a no down payment purchase loan right for you?
For some families, putting no money down on a house may be the only way to purchase one. Also, there are several advantages for some borrowers to obtain a no down-payment mortgage. First-time home buyers may not have enough saved up for a 20% down payment or might want to use the money they've saved for other uses like buying furniture or other necessities for their new home. Other possibilities are that they may have found a home they love and want to lock into it now before the home appreciates to an unaffordable price. Or they just don't want to wait because the sooner they get into the house, the sooner the appreciation value belongs to them.
Some eople who are buying a vacation home may not want to put money down so as to avoid tapping into their savings or investments. For them, a no down payment mortgage can be very attractive
Others may need the money they save for other purposes such as paying off debt; or they might have a child who is about to enter college and need the money for their child's tuition. A no down payment mortgage can also help those who need to consolidate debt. It makes good financial sense because mortgage interest is tax-deductible and rates are lower than most credit cards.
The following is an overview of our loan programs. For more details please visit our residential page.
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. To start your short home loan application, click here.
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
- No Down payment purchase 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
- No Points No Fees Loan Programs
- 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: 95%
- 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. Click here to get started!