There are only two common loan programs that offer 100% financing NO money down on the purchase of a new home.
(I AM NOT A LOAN OFFICER & WE DO NOT WRITE OR GIVE LOANS)
1.)VA Loan – First thing and most obvious you must be an active duty service member in the armed forces or be a veteran, and you must be able to meet all the other criteria of eligibility for the VA Loan. Visit this site about Charleston SC mortgages to see if you qualify and to check rates.
2.) USDA -The other way to buy a house in Charleston South Carolina with No money is by going through the USDA. You must meet the certain USDA income criteria and agree to purchase a home in an approved community/city/area. See the local list below. To speak with one of our agents about seeing a home in one of these communities call 843.478.8061 or Contact Me here. See the rules for eligibility for qualifying for USDA loan click HERE.
Due to the economic and housing crisis Fannie Mae and Freddie Mac have had to unfortunately foreclose on millions of homes in Charleston and across the United States. The good new about this is you can capitalize on this misfortune. Before considering buying a house directly from Fannie Mae you need to talk to a Charleston, SC Fannie Mae approved realtor. Fannie Mae has devised a new program for prospective homebuyers called the HomePath program. This special program has many incentives that make it very enticing to say the least.
Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:
Closing costs;
The purchase of new Whirlpool® appliances by Fannie Mae; or
A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
To be eligible for this incentive:
Offers must be accepted on or after January 28, 2010
This special financing is available on Fannie Mae homes with the following logo:The benefits include:
Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
You may qualify even if your credit is less than perfect
Available to both owner occupiers and investors
Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
No mortgage insurance*
No appraisal fees
To learn more about this program feel free to contact me directly at 843.478.8061
With the USDA loan program, no down payment is required and you are able to finance up to 102% of the property’s appraised value. With the elimination of the down payment assistance programs in late 2008, the USDA loan program is one of the only 100% loan programs available. However, there are income requirements, rules, and only certain communities, and areas are eligible for qualifying for a USDA loan.
USDA Loans: No Upfront or Monthly Mortgage Insurance
With the USDA loan program, there is no upfront or monthly mortgage insurance required. With the FHA loan program, you have both up front mortgage insurance premium and monthly mortgage insurance as well.
With no mortgage insurance required, the USDA loan program can save you hundreds (possibly even thousands) of dollars each year that mortgage insurance would cost with a different type of loan.
USDA Loans: No Credit Score Required
For the USDA loan program, officially, there is no credit score required… but unofficially, the minimum credit score that you will need to get approved by an investor is 620. This is relatively recent and may change back to the official answer — but for now, you need a 620 mid FICO score to qualify for the USDA loan program.
USDA Loans: No Loan Limit
The USDA loan program will allow you to finance “as much as you can afford”. There is no official loan limit with the USDA loan program, but the amount of money that you can borrow depends on your ability to repay the loan.
USDA Loans: Seller Concessions Are Allowed
With the USDA loan program, you can get the seller to pay as many of your closing costs as you can. There are no limits on “seller concessions” so negotiate the best deal that you can! Many loan programs limit the amount of seller concessions that you can have, but the USDA loan program doesn’t put a limit on them.
The USDA loan program is a great option for people who are looking to buy a house with little or no money down. The only “bad” thing about the USDA loan program? The only thing that I can think of is that you will have to find a property that can qualify – and sometimes you may have to drive a ways to get there.
