Zero Down Payment Loan Products

VA Loans– VA Loans are government insured loans issued specially for military veterans or active duty personnel.  These loans require no down payment and they typically have better than average interest rates and favorable terms, rewarding men and women for serving their country.  You may qualify for a VA loan if you are a veteran, active duty military personnel, reservist/national guard member, surviving spouse.

You will need a Certificate of Eligibility (COE) before you can get a VA-backed loan.  If you do not have a Certificate of Eligibility, in most cases we can get it for you through what is known as the Web LGY System.  This Internet based application can establish eligibility and issue an on line Certificate of Eligibility in a matter of seconds.  Whether purchasing a new home or refinancing an existing home, a VA loan is possible in both scenarios.

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USDA Loans– USDA Loans (also referred to as Rural Housing Direct Loans) are loans that are directly funded by the U.S. government.  In some cases, no down payment is required.  Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. Mortgage payments are based on the household’s adjusted income In order to be eligible for many USDA loans, household income must meet certain guidelines. Click here to determine your income eligibility. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.  Click here to determine property eligibility.

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Low Down Payment Loan Products FHA Loans– FHA loans are the most popular of the First Time Homebuyer options.  The reason is that FHA loans require a very low down payment of only 3.5% of the purchase price.  FHA requires down payments be made by the buyer however that money can also be a gift from a relative or family member.  The seller is allowed to offer concessions such as paying closing costs or other expenses related to selling the home (max of 6% of purchase price), but the seller is prohibited from contributing a down payment.

FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages.  FHA lending limits vary based on a variety of housing types and the state and county in which the property is located.  Whether purchasing a new home or refinancing an existing home, an FHA loan is possible in both scenarios.  Click on this link to see what the maximum loan limit is in your county:

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Conventional Loans - Conventional loans usually require a higher credit score than FHA loans, in part because the government does not insure conventional loans.  FHA loans have a set maximum amount; conventional loans do not.

Adjustable rate and fixed rate are each types of conventional home loans that offers different interest rate structures and payment terms.  Adjustable rate loans typically have quite a bit lower rates than fixed rate loans however they begin adjusting and can go up (or down) with market changes.  Conventional loans may also require a higher down payment – in some cases 20% – depending on the borrower’s credit worthiness.

Contact us today to see which loan program is right for you!

Investor Loans – Investor loans are for individuals who are purchasing or refinancing a property that they do not intend to occupy, but use to generate income by renting it to another individual or family.  Contrary to public perception, investor loans are still very much available.  Investor loans typically require a higher down payment amount, usually 20% minimally or higher, as well as a strong credit score due to the increased risk of lending money on a property that is not owner occupied.  Interest rates on investor loans are also higher because of this risk.  We offer a wide variety of investor loans.

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Reverse Mortgages - A reverse mortgage is a government-insured loan for senior homeowners that use a portion of the home’s equity as collateral.  The homeowner is not obligated to make a payment for the life of the loan (taxes and Insurance must be paid annually by homeowner) or in some cases, the homeowner will get a monthly check from the mortgage company.  The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.  At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.  All remaining equity is inherited by the estate.  The estate is NOT personally liable if the home sells for less than the balance of the reverse mortgage.

To be eligible for a reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62.  The home is either owned free and clear or, if there is a mortgage balance, it can be paid off completely with the proceeds of the reverse mortgage loan at the closing.  Generally, there are no income or credit score requirements for a reverse mortgage.

For many seniors, a reverse mortgage is a great option that puts the borrowers in a more favorable financial position during their retirement years.

Contact us today to see if you qualify!