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One Loan 100% Financing

A lender just sent me this information on a loan scenario. He was pricing a loan yesterday and was able to get 100% financing with one loan instead of two. With 3 % in closing costs the rate was 6.875 and at 4% in closing costs he was able to get a rate of 6.5 % with no mortgage insurance and no prepayment penalty. The borrower had to have a 680 credit score.

This was much better than any 80/20 he could find.

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