Having trouble saving enough cash for your down payment?
A Colonial Credit Combo Loan is the perfect solution. This flexible program combines an 80% first mortgage with a 20% second mortgage. Now you can purchase a home with almost no out of pocket expense and avoid paying the high cost of private mortgage insurance (PMI) in the process.
Zero down payment required
Interest-only payment option
No private mortgage insurance (PMI)
Qualifying Credit Score as low 580
Stated Income loans available
No Ratio loans available
No Income/No Asset loans available
Perfect for first-time buyers, move-up buyers and self-employed borrowers
A seller contribution of up to 6% of the sales price can be applied toward closing costs and prepaid items