ZERO MONEY DOWN/ TRADITIONAL LOAN ONLY 5% DOWN

[Caleb Mclamb]

Hello BP! 

I went to my local credit union today (Gulf Winds Federal Credit Union) and asked many questions about loans and credit. I found they have a new, and most likely permanent, 100%, no money down, mortgage financing program; it is based off of credit score and it tier's as so:

740 & up: 4.125%

700-739:  4.625%

670-699:  5.625%

They also have a traditional loan program that starts from 4.125% (credit score 740 & up) with only 5% down. 

(neither of these have mortgage insurance fyi)

So to recap: with credit of 740 or above, you can 100% finance for 4.125% or 5% down for the SAME amount. 

So what do you think? Amazing? Unimpressive? Something I am missing? 

look it up at https://www.gogulfwinds.com/loans/mortgage/

thank you for any feedback!

[Mehran K.]

Very nice, this does seem like an owner-occupied program. Either way that is awesome and it really seems like they are loosening up a lot. I wonder what kind of fees are associated with that loan. Don't think you'll get a 30 year fixed rate with that program though. Do you know what the terms are?