ZERO DOWN PAYMENT!

ZERO CLOSING COSTS!

Today, there are still mortgage loan programs that are either federal and/or state sponsored or sanctioned that will allow you to buy your next new home with no put of pocket mortgage related costs. In many situations I give back at closing the money that our home buyers provided as earnest money! Best of all there are no tricks, no gimmicks, no last minute changes. You will have a 30 year fixed rate mortgage with the lowest available interest rate.

Down Payment Alternatives:

For many home buyers, especially first-time home buyers, saving up the funds for the down payment plus closing costs can be a seemingly insurmountable hurdle to home ownership. This doesn’t have to be the case. As your professional mortgage consultant, I can help you find creative ways to come up with your down payment. Did you know; in the FHA underwriting manual they list 23 uniquely different methods to fund the down payment commitment? I know them all and use them frequently. I am confident that you already have the money necessary to purchase your next new home. But, if you don't or you prefer to keep your money in your pocket then you have a lot of alternatives.

One way to fund a down payment is by using a gift. For many loan programs, a gift may be used for a portion or all of the required down payment.  Money given as a gift for down payment can’t come from just anyone. Family members are the usual source, Parents, Grandparents, sister or brother, a close friend or relative. Sometimes an employer may also be acceptable, I have had a lot of success with having an employer provide down payment assistance. If these are options open to you, please let me know.  I can help you determine which loan programs accept gift funds for down payments and who may give the gift. I’ll also supply the gift letter that the person giving the gift is required to sign. The gift letter states that the funds are a gift and will not be paid back.  

Grant Programs:

There are also many state and local grant programs that will provide the funds for down payment through grants. These grants can be used for closing costs and/or down payment, generally the home buyer never has to repay the grant money and most are free to certain types of borrowers. Most grant programs will reguire home buyer education that must be completed prior to closing. The State of Missouri has a 3% down payment assistance program plus in the St. Louis area the Counties of St. Charles, Jefferson and St. Louis all have down payment assistance programs. Plus these cities all have their own down payment help; Florissant, St. Charles, St. Peters, Wentzville, O'Fallon, Dardenne Prairie, Lake St. Louis, Cottleville and St. Paul. If you want me to look into what's available where you live I have the resources to know very quickly.

Zero Down Mortgage Loans:

Service persons and veterans can qualify for a VA Loan that requires no down payment.  VA Loans are guaranteed by the U.S. Department of Veterans Affairs.  In addition to no down payment, these loans usually offer a competitive fixed interest rate and limited closing costs.  While the VA does not issue the loans, it does issue a certificate of eligibility required to apply for a VA loan.

The USDA provides 100% financing through the Rural Development programs, this loan program is available only for homes outside of large metropolitan areas.

No Lender Closing Costs No Appraisal Fee, this is a new program that I started for my home buyers utilizing FHA, USDA/Rural Development or VA mortgages. If you need help with closing costs or you prefer to keep your money in your pockets instead of your lenders pockets then this program will give you back your money plus provide you with a low interest rate 30 year fixed rate mortgage!

There are so many alternatives to purchasing your next new home with little to no money out of pocket; let me help you find the down payment and mortgage alternative that’s right for you. 

The next step to keep your money in your pocket is to negotiate seller paid closing costs. When you combine, down payment assistance, no lender closing costs, no appraisal fee and seller paid closing costs in many situations you are purchase your next new home with as little as a $500 investment. In some cases we have provided money back at the closing table.