No Deposit Loans
It can still be done.
One of the brokers in our network recently had this success.
Recently a couple approached us about purchasing their first home together.
As a gift from the family, the couples family were gifting them the equity in a home by allowing the couple to purchase at a discounted price.
A deposit had not been saved and the young couple required 100% funding of the purchase price. (this was possible due to the equity in the property being gifted.)
The husband and wife were self employed and had a couple of defaults on their credit report.
Debt servicing however appeared fine based upon self-declared incomes although financials provided indicated the income declaration was reasonable.
The successful loan was approved of just over $194,000 at 10.35% pa for a 30 year term.
Do you know anyone in a similar situation?
Let us know, we might be able to help.
Obviously this is an example of using a great mortgage professional.
