Check out acornhousing.org this is a non profit group that I just got a loan from. Believe it or not I got the following loan. 475k 100% financing, no pmi on a 40 year fixed with the first 10 years interest only. It is not an 80/20 it is all on one loan.
Here are the stipulations. You can’t make over 90k per year. You must attend two 3 hour counseling classes. It is full doc. There is also a program called the cadat, where the state of california pays three points to lower your rate even further. Also, this loan is not based on credit score at all. The only stipulation is that you cannot have a late payment in the last 12 months. I know this sounds amazing, and it is. With out it I could not have gotten my new home. The loans are serviced by BofA, so it is solid. They also do refi’s My loan officer was a gal call cori Fusselman.
