100% FINANCING FOR YOUR PURCHASE

This new program is NOT just for first time home buyers, but anyone that is purchasing a home.

If you currently own a home that home must close before you can close on your new 100% financing loan. By Working with Cherry Creek Mortgage we will get your new 100% loan approved. Then by working with us and our title company we can arrange to have the closing on the home you are selling followed by the closing on the home you are buying on the same day.

To qualify for this new program you or both applicants must have a minimum credit score of 620. There are income limitations.  Your combined income can not exceed 140% of the median income for your community, in most cases that amount is around $100,000.00. This program is not limited to any one community, but can be used anywhere in the State.

Minimum loan amount is $50,000.00 with a maximum loan amount of $417,000.00. Your total debt ratio (your house payment, all credit card payments and installment payments) can not exceed 45% of your gross income. Private mortgage insurance is required on each loan and you must have at least one month cash reserves in an account. That is one month of your total monthly house payment.

You will be pleased to know that in addition to our NEW Flex 100% program we are very pleased to announce that our USDA Rural Program for communities outside of Milwaukee County have expanded to ANY PURCHASE of a single or two family owner occupied home. Your clients DO NOT have to be a first time home buyer to use this program. Remember this program has NO MI Insurance and NO Pre-payment penalty.  They can not own any other real estate and if they are selling a home it must close and a HUD supplied before they close on their new loan.

This is very important with this program the seller is still able to contribute up to 3% of the purchase price towards your closing costs and pre-pays, ask Debby Thompson or call Rick at Cherry Creek Mortgage  click here to apply for information

Or for the city of Milwaukee here is information about down payment assistance program.