100 financing: Can I Get A Mortgage With Less Than 20% Down?
- 09/13/11 03:19 PM
I was asked this question about three times over the last two days, so I thought I'd put out some information relative to this question. Needing 20% down is a common misconception in the marketplace today. There are numerous options for obtaining financing with less than 20% down. Below I will lay out several options for either no down payment or low down payment. NO DOWN PAYMENT OPTIONS: USDA/Rural Development - The Guaranteed USDA program offers 100% financing for qualified borrowers. There are many locations outside of major metropolitan areas that are eligible for this program. Click here to see if … (2 comments)
100 financing: USDA Loans adding monthly PMI in October 2011
- 06/14/11 11:07 AM
USDA Rural Development has long been the 100% financing leader for a lot of areas across the nation. One of the major benefits of this loan product was that it required no monthly escrows for an annual mortgage insurance (MI). MI is sometimes referred as PMI, and the loan is advertised many times as 100% Financing with No PMI. That’s all going to change come October 1, 2011. USDA issued Administrative Notice 4551 on February 24, 2011 that alluded to this upcoming change. The change has been confirmed in an email that also included instructions on how to calculate the … (0 comments)
100 financing: FHA 203(h) mortgage loan available for tornado victims in Alabama - 100% Financing
- 05/17/11 07:12 AM
The FHA 203(h) Disaster Relief Loan is available for residents affected by the recent tornadoes that swept through Alabama on April 27, 2011. This special FHA loan is specifically designed to help victims in Presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners. For a limited time HUD is waiving the 3.5% down payment requirement on any home buyer whose previous residence or apartment was destroyed or substantially damaged by the recent storms. This means you can get 100% Financing on your new home. Both the upfront mortgage … (0 comments)
100 financing: USDA Guaranteed Loans - "No PMI" No More!
- 03/02/11 03:33 PM
USDA Rural Development has long been the 100% financing leader for a lot of areas across the nation. One of the major benefits of this loan product was that it required no monthly escrows for an annual mortgage insurance (MI). MI is sometimes referred as PMI, and the loan is advertised many times as 100% Financing with No PMI. That’s all going to change come October 1, 2011. USDA issued Administrative Notice 4551 on February 24, 2011 that alluded to this upcoming change. The change has been confirmed in an email that also included instructions on how to calculate the … (12 comments)
100 financing: USDA Rural Housing gets much needed funding!
- 07/28/10 11:25 AM
Great news for buyers who are depending on the USDA Rural Development Program for 100% Financing. On July 27, 2010, the House made a motion to suspend the rules on H.R. 4889, thereby moving forward the bill that would give emergency appropriations to the USDA Rural Development Program. The motion passed 308 - 114 with 10 abstaining from the vote. This new appropriations bill will give this program much needed funding for the USDA Rural Development Program. New guidelines will be in place and will be announced by the USDA National office as soon as the dust settles. Our company has … (8 comments)
I was asked this question about three times over the last two days, so I thought I'd put out some information relative to this question.
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