FHA, VA and Rural Housing Loans
FHA, VA and Rural Housing Loans
No down payment home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. We offer two mortgage programs still available with no money down 100% financing and a third that only requires 3.5% down for all Wisconsin residents:
- FHA Loans (requires 3.5% down)
- VA Home Loans
- USDA Rural Housing Loans
FHA loans are federally insured loans that allow buyers who have little or no credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments. FHA home loans are also available for first time buyers. FHA Loans are assumable and streamline refinancing to lower the interest rate is available.
VA Loans:
VA loans continue to be eligible for 100% financing, of course only those few borrowers with a VA Certificate of Eligibility are able to qualify for this loan. In addition to no down payment, VA home loans have the added benefit of not requiring PMI or private mortgage insurance. VA mortgage loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA loans offer up to 100% financing on the value of a home.
Rural Housing Loans:
Rural home loans are optimal for first time homeowners in approved Rural Housing Service areas. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment. The purpose of this loan program is to enable eligible low and moderate income (up to 115 percent of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence. The Guarantee Rural Housing Loans also have flexible credit standards, expanded qualifying ratios, no maximum purchase price limits and generous income limits. Closing costs, prepaids and lender required repairs can be rolled into the loan amount up to 100% of the appraised value (not the purchase price).
A no money down mortgage loan is an excellent choice for a home buyer, who may not have enough money for the standard 20% down payment.
Visit our website at http://www.madisonmortgageguys.com for additional No money down FHA, VA and Rural Housing loan program information.
No comments:
Post a Comment