Today’s Mortgage Definition is: No Money Down Mortgage
Main Entry: no mo·ney down mort·gage
Pronunciation: : \ˈnō ·ˈ mə-nē · ˈdaun ˈ· mȯr-gij\
No Money Down Mortgage – A Simple Definition:
A no money down mortgage means that it is possible to get financing for a home where you are not required by the lender to make a down payment.
Essentially, if you qualify for a no money down mortgage you can agree to buy the home and not be required to make a down payment.
You may need to cover the closing costs or other associated fees (unless you get the seller to pay them on your behalf), but are not required to make a down payment.
No Money Down Mortgage – An Expanded Definition:
One of the most common questions I get today is “can I get a mortgage with no money down”? And the answer is…
Maybe.
No money down mortgage options used to be plentiful – there were multiple programs that would allow you to buy a home without robbing your IRA or begging your parents for a gift. But with the credit crunch and tighter guidelines, many programs that used to be available have been eliminated.
Except for two.
The VA loan program and the USDA loan program both have no money down options available for people who can qualify for their programs.
The VA No Money Down Program
When financing a home with a VA loan, you are not required to have a down payment, there is no monthly mortgage insurance and the VA funding fee (required to be paid up front) can be financed into the loan.
In order to qualify for a VA loan, you must have a certificate of eligibility and a DD214.
The maximum loan amount for VA loans is generally speaking currently $417,000 and in some cases higher based on the Veteran’s entitlement amount.
The USDA No Money Down Program
The bad news about the USDA loan program is that it has been so popular in the last couple of years that they have run out of funding for 2010. The good news is that they are on the brink of getting more funding – and many lenders are accepting applications for the USDA loan program because funding is on the way.
Legislation that raises the “guarantee fee” to 3.5% and designed to make the USDA program self sufficient so it won’t run out of funds again is currently headed to President Obama’s desk for signature.
With the USDA loan program, the two main qualification points for the USDA loan program are that the property you are interested in purchasing must be eligible for USDA financing and you can’t make more than 115% of the median income for the county where you live.
No money down mortgage programs.
They are still available… if you meet the loan program criteria.
Contact The Mortgage Mark with any questions! http://www.themortgagemark.com
mwilkins@capitalfmc.com
Main Entry: no mo·ney down mort·gage
Pronunciation: : \ˈnō ·ˈ mə-nē · ˈdaun ˈ· mȯr-gij\
No Money Down Mortgage – A Simple Definition:
A no money down mortgage means that it is possible to get financing for a home where you are not required by the lender to make a down payment.
Essentially, if you qualify for a no money down mortgage you can agree to buy the home and not be required to make a down payment.
You may need to cover the closing costs or other associated fees (unless you get the seller to pay them on your behalf), but are not required to make a down payment.
No Money Down Mortgage – An Expanded Definition:
One of the most common questions I get today is “can I get a mortgage with no money down”? And the answer is…
Maybe.
No money down mortgage options used to be plentiful – there were multiple programs that would allow you to buy a home without robbing your IRA or begging your parents for a gift. But with the credit crunch and tighter guidelines, many programs that used to be available have been eliminated.
Except for two.
The VA loan program and the USDA loan program both have no money down options available for people who can qualify for their programs.
The VA No Money Down Program
VA Loans Require No Down Payment
In order to qualify for a VA loan, you must have a certificate of eligibility and a DD214.
The maximum loan amount for VA loans is generally speaking currently $417,000 and in some cases higher based on the Veteran’s entitlement amount.
The USDA No Money Down Program
The bad news about the USDA loan program is that it has been so popular in the last couple of years that they have run out of funding for 2010. The good news is that they are on the brink of getting more funding – and many lenders are accepting applications for the USDA loan program because funding is on the way.
Legislation that raises the “guarantee fee” to 3.5% and designed to make the USDA program self sufficient so it won’t run out of funds again is currently headed to President Obama’s desk for signature.
With the USDA loan program, the two main qualification points for the USDA loan program are that the property you are interested in purchasing must be eligible for USDA financing and you can’t make more than 115% of the median income for the county where you live.
No money down mortgage programs.
They are still available… if you meet the loan program criteria.
Contact The Mortgage Mark with any questions! http://www.themortgagemark.com
mwilkins@capitalfmc.com
No comments:
Post a Comment