97% PURCHASE LOANS
These loans are a very attractive
conventional alternative to FHA financing; the buyer
can finance 97% of the purchase price of the home,
needing only a 3% down payment. The seller can
contribute up to 3% of the purchase price to the buyer,
to be used toward down payment or closing costs, The
buyer can also receive a gift of up to 3% from a family
member, or take a loan from their family, employer or
local county or state housing agencies for an
additional 3% of the purchase price, to cover more of
the expense of closing costs and escrows. The buyer
is not required to put any of their own money into the
transaction, not do they have to have any money in
reserves in the bank after settlement. Click
here to apply online.
103% PURCHASE
LOANS
In this program the buyer can finance not
only the entire purchase price of the home, but also an
additional 3% of the purchase price to be used for
closing costs. They can also have a seller contribution
of up to 3% of the sales price. The buyer is required
to have the equivalent of 2 months of mortgage payments
in the bank at closing. Click here to apply
online.
Central Maryland Mortgage Corporation
3060 Route 97, Suite 323
Glenwood, MD 21738
(Local) 410-442-0102
(Toll-Free) 1-877-328-7283
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