Community Access™ Home Loans

For many people, saving up the down payment for a home loan can be almost impossible, and it often seems like an exercise in futility; in the time it takes you to save up for a down payment the price of housing is going up and so your down payment costs are going up. It seems like you’ll never catch up!

Not any more. Thanks to Washington Mutual’s Community Access™ Home Loans, almost everyone has a much better shot at qualifying for a home loan. Washington Mutual’s Community Access Home Loans are designed to help people who would not normally qualify for a traditional home loan with most lenders. Not only can many more people qualify under one of these plans, but you can qualify with very little of your own money involved in the mortgage.

There are basically four different options available under Washington Mutual’s Community Access Home Loan program.

There’s the AFFORDABLE 100 PLAN. Unlike most home loans, where the lender is very particular about where the money for your down payment and closing costs comes from, under the Affordable 100 Plan there is no down payment required and your closing costs can come from a variety of sources. You are only required to have $500 of your own money in the deal. Under the Affordable 100 Plan you can borrow as much as $333,700 for 30 years at a fixed rate, and there are flexible underwriting guidelines and a fast approval process.

Then there’s the AFFORDABLE 97 PLAN. With the Affordable 97 Home Loan you need a three percent down payment, but only one percent of that has to come from your own funds. Again, you can borrow up to $333,700 for 30 years at a fixed rate and underwriting guidelines are very flexible.

There is also the AFFORDABLE 97 PLUS PLAN, which allows you to pool the incomes and down payments of multiple buyers.

Finally there’s the AFFORDABLE 95 PLAN, which requires that you make a five percent down payment with at least three percent of that amount coming from your own personal funds. Again, you can borrow up to $333,700 for 30 years at a fixed rate for owner-occupied residences only.

Each option has several additional features which your loan representative will be happy to go over with you. But if you have had credit problems in the past and/or you are having trouble coming up with a standard down payment, then you may very well want to look into Washington Mutual’s family of Community Access Home Loans.