Downpayment Credit Card Unveiled

September 01, 1999, 1:00 p.m. EDT 1 Min Read

FT Mortgage Cos., Dallas, is introducing a credit card that the borrower can use to make a downpayment on a mortgage.The Downpayment Card acts as a normal Visa card. When a person applies for a loan at any of the FT affiliates, he or she can simultaneously apply for the card. The card can be used to get a cash advance to get the funds needed. No cash out of pocket is needed for a downpayment on a 95%-97% loan-to-value ratio mortgage. In effect, the borrower is getting 100% financing. After the loan closes, the card can be used like any other Visa card.

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