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 Its still possible! 100% is not just a dream.
We don’t think that saving for a down payment should be the reason you put your dreams on hold. We can help you buy your dream home with a zero down mortgage loan.
Buying a home is something we all dream about, usually for years. You may have saved money for a down payment, but just don’t have enough to buy your dream home.
The media would like you to believe that "The Sky is falling" and that there are no opportunities for first timers with little money to get into a home. Well, the reality is that there are opportunities, you just need a guide who is willing introduce you to them.
**Common industry professionals DONT LIKE 100% financing because its believed that these buyers are HIGHER MANINTANANCE and LESS QUALIFIED** This is not only a shame, but also embracing for my industry!! I was a buyer once who utilized 100% loan products ... yes I needed to learn about the loan process ... yes I asked allot of questions ... but its part of the process and I like to think I was worth it! YOU DESERVE TO BE TREATED WITH RESPECT!
The two most accessible 100% financing options are both sponsored by the Government.
VA Loans:
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan.
Other benefits of a VA loan include:
* Negotiable interest rates.
* Closing costs are comparable and sometimes lower - than other financing types.
* No private mortgage insurance requirement.
* Right to prepay loan without penalties
* The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
* Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.
To request your own VA buyer guide please click here
USDA Rural Housing Loan:
US Department of Agriculture receives billions of dollars per year to improve and grow "Rural" communities and as part of this package the have allocated a huge fund for the purchase of your primary residence. There are some restrictions on this loan including income and Property location. In the Local Portland area communities like, Forest Grove, Banks, Cornelius, North Plains, Sherwood, Newburg, Scappoose Esticada are a few that qualify. See the link at the bottom of this web page to view all eligible communities.
* No Down Payment Required
* No Cash Reserves Required
* Low monthly mortgage insurance
* No Limit on Seller Concessions
* No Pre-Payment Penalty
* Finance All Closing Costs up to the Appraised Value
* One time 2% Guarantee Fee required – Can be financed
* Gift, grant, and bond funds may be utilized
Like the VA loan, there is no Mortgage insurance on this program. The USDA recently established their monthly Mortgage Insurance premiums to help maintain the availability their funds. This MI guarantee protects the lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount (Even above the 100% mark) with an annual premium of .3% per year. ($300 per year for every $100k borrowed)
Portland home loan experts is a preferred lender parter with USDA. We have received referrals directly from the USDA office because they trust in out knowledge of this product.
ACT NOW or you might miss you chance to secure this awesome loan.
To request our Free USDA report including the USDA home eligibility tool, program highlights, and income income limitations please click here.
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NMLS # 227081/1850