Zero Down Loans – 100% Financing – No Money Down
No Money Down Home Loans
The following programs are used in nearly all the zero down financing in New Hampshire.
The first is the Zero Down VA Loan Program. This 100% financing program is good for home buyers who have served in the Armed Services and are eligible for a VA loan. Its primary benefits include the following:
- Blemished credit is often workable.
- No PMI (private mortgage insurance) or MIP (mortgage insurance premium).
- VA funding Fee is financeable (veterans with a 10% or greater disability are exempt from this fee).
- $0 down payment.
- Seller can pay all closing costs and prepaid expenses.
- One- to four-unit properties are eligible.
The second-most widely used no-money-down program is the USDA Rural Development Guaranteed Housing Loan Program. This program works best for borrowers who are purchasing in a rural area. Its primary benefits include the following:
- $0 down payment.
- 30-year fixed rate.
- Minimal monthly PMI (private mortgage insurance).
- Unrestricted gifts.
- No reserves required.
Requirements for an RD loan:
- Home must be in USDA-eligible area.
- Total household income must be below income limits set for the area where the home is being purchased, which in many parts of New Hampshire is about $100,000.
If you don’t meet the criteria for VA or RD financing, consider a third option: a New Hampshire Housing Finance Authority (NHHFA) down payment assistance grant.
For information on this and other loan programs, contact Charley at (603) 471-9300 or send an email.
We have originated more than 1/2 billion dollars of real estate loans to thousands of NH property owners and are happy to share our experience and expertise with you. Contact me to find out which program is right for you.
