Experts Questions and Answers

Kevin Harris
Mortgage Consultant
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Kevin Harris's Barrie Mortgage Office

Hi Kevin, I am seeing the mortgage information for the property at 30 Greenfield stating that there is no money down required for an income of over $92k with a 30 yr term. How accurate is this? Thanks! Stephanie

posted by Stephanie to Kevin Harris  ::  Views (10014)

Hey Stephanie,

This program is offered through several lenders and is available and can be used to purchase this property.The ratios needed to qualify work on the calculation of the carrying costs for this property based on the 92k/yr (income maybe combined) and is accurate to that. One factor that you may have to consider is current debt load. As not all clients have the same amount of consumer debt that may affect the income required to qualify. This is a great product though to provide the necessary 5% down or even use it towards closing costs, renovations or paying off some debt.  A minimum credit score is required but this maybe the perfect solution to get into a home sooner. Please let me know if I can provide you with more details on this or any other current mortgage products.

Thanks for your question