No Money Down: The Community Combo

We have an exciting new mortgage product – The Community Combo. This program allows potential homeowners to buy a house with no money down (no down payment)!

Here is how it works. Clients get a first mortgage for 80% of the sales price and a second mortgage for 20% of the sales price. Both mortgages are 30-year fixed-rate loans at the same rate. Rates for this program are similar to or better than the traditional 30-year fixed rate with 5% down. It may sound too good to be true, but it is real.

How to Qualify for this Program

To qualify for this program, you do NOT have to be a first-time homebuyer. However, you do need to meet maximum income limits. In the DMV, that is $122,000. However, we only have to use base income, so if part of your income is bonus or commission–and that would push you over the limit–we don’t need to use that income for qualifying.

Please contact me for further information about this no money down Community Combo program and other unique programs offered by RMC.