True No Money Down Mortgage with Lender Credit!

Mortgage and Lending with Credit Werx, LLC.

Zero Money Down; I stand Corrected


I wanted to know if there was a way that I could do a true No Money Down Mortgage and I found the answer. The answer is a resounding YES!!! That is where a lender credit comes in but of course there is a tradeoff. LNo Money Down Mortgageet me start by saying that here at Plattsburgh Mortgage Company we do not get paid on origination or SRP. We only get paid on volume so there is no benefit for us to charge anything on the back end. I have found a benefit in it for you if you are trying to buy a home, have half way decent credit, but don’t have any money saved for closing costs.

I am writing this post as a follow up to another post that I wrote recently about No Money Down Mortgages. I pointed out in that post that while there are some loan programs that allow 100% financing and 6% seller concessions that there are still going to be some closing costs leftover that you need to take into consideration. I advised that it is a good idea to save a month or two of your current housing expense to cover any additional closing costs not covered by the seller concessions.

This is where I stand corrected. There is an option that exists that allows our borrowers to come to the closing table with truly no money out of pocket, aside from the appraisal (POC). When utilizing a government backed No Money Down mortgage that allows 6% seller concessions, such as VA or USDA, there are usually some closing costs left over that need to be paid at closing. However, in an effort to provide the best products and service to my clients I did some digging, and here is what I found:


We can actually charge SRP on the backend, which does increase the interest rate, and give it back to our borrower as a lender credit. The payment is going to be slightly higher but you will be able to close with No Money Out of Pocket. This is on top of seller concessions and most often will be enough to cover whatever remaining closing costs are left over. So we can do true No Money Down Mortgages here at Plattsburgh Mortgage Company. You will have to bring Zip, Zero, Zilch, and Nada to the closing table by utilizing this option!!!

If you need a true No Money Down Mortgage please contact us to complete an application right away. We are federally chartered so we lend in all 50 states. We can complete an application over the phone, online, or in Zero Money at Closingperson if you are local.

If you are a mortgage professional looking for a way to better serve your client’s and would like to be able to offer a true No Money Down Mortgage please look into this option and see if it is something that your lender will allow.



Thanks for reading and as always comments are not only welcome but Very Much Appreciated as well!!!

Posted by

Christopher Ohlsen

37 Boynton Ave

(845) 243-5293 (Office)

(518) 565-0799 (Cell)



Comments (4)

Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC


Thanks for sharing your insight on a true no money down mortgage.

Good luck and success.

Lou Ludwig

Jul 28, 2014 03:22 AM
Christopher Ohlsen
Credit Werx, LLC. - Malone, NY

Thank you Lou and you're welcome - This is something I stumbled upon after I almost denied a file. Borrower's were close to qualifying for USDA Rural except that they were short closing costs. I was able to give them a slightly higher rate and rebate them a lender credit which made it so that they were able to close without bringing any money to the closing table. This is something unique to us in our area so far as I know. I am not aware of any other lender willing to do this but the advantage that we have is that we specialize in mortgages; we do not do anything else. We can give people a mortgage when often times no one else can.

Jul 28, 2014 03:31 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

I'm sure this information will be very helpful to many buyers!  It could mean the only chance they have to own a home!

Jul 29, 2014 09:48 AM
Christopher Ohlsen
Credit Werx, LLC. - Malone, NY

Yeah Sharon that is true. I want to make sure that my clients can absolutely afford to pay their mortgage but I understand that sometimes when things are tight it is hard if not impossible to save after all of their debt obligations are met. This is not common when people are purchasing a home but it is common enough that I want to let prospective home buyers that otherwise would not be able to purchase a home that there is a viable option out there.

Jul 29, 2014 11:24 PM

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