New 100 Percent Combo Loan Financing Requires No Down Payment

POMONA, Calif. - Nov. 2, 2022 - PRLog -- Los Angeles-based mortgage lender, Community Mortgage Funding, LLC. (NMLS#266418), in partnership with Farmers Insurance Group Federal Credit Union (FIGFCU), introduces new 100% financing loan programs, enabling borrowers to utilize multiple combination loan options without incurring private mortgage insurance monthly payments.

Down payment assistance programs continue to be popular and necessary home financing options for borrowers amidst the ongoing national financial challenges that inflation and rising home prices impose.

According to a recent survey by TD Bank, only 48% of prospective first-time homebuyers have begun saving for a down payment. 46% of all respondents, and specifically 51% of millennials aged 26-33 said down payment was a barrier to homeownership. Likewise, 81% of low-to-moderate income borrowers cited down payment among their top barriers to the homebuying process.

"With more prospective homebuyers suddenly finding themselves priced out of the market due to the current challenging landscape of our industry, we saw a need to create a path for borrowers who have been held back from being able to buy a home due to down payment issues," said Laura Roberts, Chief Executive Officer of CMF.

"We are doing what we can to remain committed to the dream of homeownership, because we believe it belongs to everyone. Where some homebuyers are finding themselves shut out from that dream, we aim to find new and unique ways to open those doors again. Our 100% financing option does just that."

The new loan programs allow borrowers to take advantage of multiple combination loan options including 80/20 (100 percent financing), 80/15 (95 percent financing), and 80/10 (90 percent financing).

The program touts several benefits to borrowers, such as allowing them to gain home equity quicker through lower terms, avoid private mortgage insurance, and gain the resources of membership through the parent Credit Union, FIGFCU, which the borrower must join to qualify. The loan program is eligible on primary properties only.

https://cmf.mymortgage-online.com/