Click n’ Close, an Addison, Texas-headquartered lender serving consumers and mortgage originators through its wholesale and correspondent channels, has introduced its One-Time Close (OTC) loan programs for government-insured mortgage products.
According to the company the new product is designed to aid homebuyers in rural markets with down payment assistance, with availability in select markets.
Click n’ Close’s OTC program offers 100% loan-to-value (LTV) financing covering land, construction and closing costs, with no down payment or minimum investment required and the ability to finance the 1% USDA Guarantee Fee up to 101% LTV. Other product features include flexible debt-to-income ratios, eligibility for credit scores of 640 and above, no prepayment penalties, first-time homebuyer eligibility, absence of required reserves, seller/builder concessions up to 6, utilization of eligible gifts for closing costs, and contingency account financing up to 10%.
“Given current market conditions, affordability is the number one challenge among potential homebuyers,” said Click n’ Close Owner and CEO Jeff Bode. “As prospective borrowers venture further out from cities and traditional suburban markets, Click n’ Close stands as a resource, providing powerful financing tools for both wholesale lenders and borrowers to make homeownership possible.”
;
