Astronauts Eligible for Mortgages With No Money Down

May 2, 2011 No Comments »

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We all know it’s hard to find a mortgage with zero down these days.

Heck, post mortgage crisis, most borrowers have to go with FHA loans if they’ve got little in the way of assets, as the loan program allows financing with just 3.5 percent down.

But not all hope is lost for zero down.

If you travel to outer space often, or live with someone who does, you might be able to get your hands on a mortgage with zero down.

That’s right; the folks over at the NASA Federal Credit Union are offering a so-called “High Loan to Value Mortgage” for a limited time.

The “unique loan” allows 100 percent financing for loan amounts up to $650,000, and does not require costly private mortgage insurance (PMI is typically required for loans with LTVs over 80%).

For those with loan amounts between $650,001 and $850,00, they are offering purchase money mortgages with loan to value ratios up to 95 percent.

The program also offers cash out refinancing up to 95 percent loan-to-value up to $650,000 (90% cash out from $650,001 up to $850,000).

But financing is only available for primary residences in Maryland, Virginia, and Washington D.C.

As expected, the loan program is only available to well-qualified applicants, such as those with good credit and steady income.

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