- 2018 Posts

  1. FHFA Conforming Loan Limits 2019
  2. How 2018 Market Trends Will Affect Wisconsin Buyers
  3. No Money Down Home Loans Appleton Oshkosh Green Bay Wisconsin
  4. Benefits of using FHA for your home loan
  5. Benefits of being a homeowner
  6. Wisconsin local lender vs online lender
  7. Home Loan Pre-Approval
  8. No Money Down Home Loan
  9. Serve and Support Loans
  10. Debt Consolidation and Cash Out

+ 2017 Posts

+ 2016 Posts

+ 2015 Posts

No Money Down Home Loans

October 18, 2016

Luckily, scrimping and saving to buy your first home is a thing of the past. It often took years to save 20% down, and with the obstacles life can throw at you, it can feel almost impossible. No need to borrow from your 401k or your Uncle Al. It's time to consider some of the other great financing options that are available today.

 

It's true, you can get into your own home with little to no money down to qualified borrowers now. With flexible options, and less critical credit reviews as in the past, financing could be as easy as 1-2-3.

 

USDA and VA loans both offer 100% financing. That means NO down payment to qualified borrowers required. Both offer reduced minimum credit scores, shorter time frames for recent bankruptcies and foreclosures. Some minimum credit conditions do apply, and we will be happy to discuss your individual credit scenario. This is a great loan program that we are happy to offer, it has enabled many of our neighbors to get into their home loan with NO down payment to qualified borrowers.

 

FHA with 3.5% down is another great option rather than picking a conventional loan. The FHA loan offers the lowest mortgage rate for buyers with average or below average credit scores. With an FHA loan, they won't hold your score against you.

 

Then there is the Fannie Mae's Home Ready Loan, which requires only 3% down. The great thing about the home ready program is that Fannie Mae allows all of your money down to come from somewhere else, not your own savings. With competitive rates, forgivable mortgage insurance, and they allowable rental unit and boarder rent to count toward your income. They will also allow a parent to be on the loan, without requiring them to live in the home. This is great news for people looking to buy their first home without a strong credit history.

 

Ready to find out which loan program works best for you? Contact us today for more information on these great home loans! We are waiting to help you!

 

 

Ron Meyer
GSF Mortgage Corporation
300 Patriot Dr.
Little Chute, WI 54140
(920) 788-9608
rmeyer@gogsf.com
NMLS #222688 & 1018