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The no money down mortgage loan… it’s highly desirable for first time home buyers, or homebuyers at the lower end of the market. And it’s hard to come by! There are a few no down payment mortgage programs out there, but their conditions and restrictions may put them out of reach. Let New South Mortgage of Charleston SC describe some of your options!
This old standard is an offshoot of the GI Bill and “helps Service members, Veterans, and eligible surviving spouses become homeowners… we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.” Its benefits include: 100% financing, no private mortgage insurance (PMI), fixed competitive interest rates and many more. The big drawback, of course, is that to enjoy this no money down mortgage program, you have to be a “service member, veteran, or eligible surviving spouse.”
Also known as the ‘Farmers Loan’ the “United States Department of Agriculture offers one of the only true 100% financing options. No down payment. 100% mortgage financing.” It offers many of the same benefits as the VA no down payment mortgage loan, but also has its own eligibility conditions and guidelines. The chief restriction is location. What exactly is “rural” these days, anyway? Fortunately, the USDA Mortgage website allows you to type in the property address for a quick eligibility yea or nay.
There are other options out there, including some decent FHA loans. But some end up being less than a true “no down payment mortgage loan” experience. Some require very little money down, which is not quite the same thing. Others provide down payment loans instead of grants. These make the mortgage loan possible, and provide many of the benefits, but you do have to pay it back in time. So basically, it’s no money down right now.
If a no money down mortgage loan is your goal, and you aren’t sure about your eligibility, turn to New South Mortgage of Charleston SC. New South is an experienced, creative and connected mortgage broker with a variety of resources to meet your zero down payment needs.
One current zero down option works with a non-profit entity that provides grants to offset your 3.5% down payment. Of course, there are restrictions and criteria for you to satisfy. But it is a true no money down mortgage loan that can put you in a home quickly and easily!
To learn more about this effective no down payment mortgage loan option, turn to the name Charleston SC has trusted for almost 20 years – New South Mortgage. Contact us today!