Zero down payment programs for Wake County NC properties are still available. There are not as many of them as there was three years ago but we still have them. Unlike before when many of the zero down payment programs was offered by Fannie Mae, Freddie Mac and Wall Street investment banks all zero down payment programs today are government programs.
USDA is a zero down payment program that is available for rural properties. Don't let the rural property part hold you back from looking at this government program. Many parts of Wake and Durham County and all of Johnston County are considered rural by their guidelines. USDA does have income and debt ratio restriction but they are not overly restrictive. One unique benefit USDA has is it allows the loan amount up to the appraised valve not just the contract price. So if the appraisal comes in $3,000 over the contract price you can include $3,000 of settlement costs if the buyer wants to. And a added benefit is USDA has no monthly mortgage insurance.
NCHFA is a zero down payment program in that it has a program that will provide $8,000 to qualified first time home buyers. This $8,000 may be used for down payment and/or settlement costs. Besides the requirement for being a first time homebuyer and by first time homebuyer they mean not owning a home is the last three years they have income and debt ratios guidelines to follow.
VA might be the best zero down payment program that is still available. As the name suggest it is limited to current and past member of the US armed forces. It is not limited to the first time home buyer and it allows zero down payment for loans up to $417,000. There are no income limits and like the USDA program there is no monthly mortgage insurance.
Shay Campbell, a licensed mortgage loan officer in North Carolina., can answer your questions on these zero down payment programs and guide you through to a successful closing. Shay has over 12 years experience originating mortgages in North Carolina and has closed over a 1,000 mortgages. Contact Shay Campbell for you zero down payment mortgages.
As you can see, zero down payment programs for Wake County NC still exist.
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