Does anyone have any idea about Quicken Loans Flex 100 Mortgage plan? Here are the details that I see on the website. I was wondering if anyone on the board is using it or has any feedback on the same? Thanks in advence

No- or low-down payment
100% financing is available for those who don't want to put money towards a down payment.

Flexible down payment guidelines
You only need $500 of your own funds for the down payment, closing costs, and pre-paid fees. The rest can come from flexible sources. Talk to a mortgage banker for more details.

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The Flex100 loan is available as one mortgage for 100% of the home's purchase value. Your balance is amortized over 30 years and you make a fixed monthly principal and interest payment each month.

Interest-only payments are available so you can lower your payment by paying only the interest for up to 10 years if you wish. After 10 years, the full monthly interest plus principal is due.

You only need to bring $500 of your own funds for closing costs and/or pre-paids.
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