Are there 100% financing loans?
We are often asked if there are home loans with 100% financing and zero down payment. The answer is simple! Yes…and no. Home loans have several components and each has its own costs. Both USDA and VA offer 100% financing programs for the mortgage, but both still have some out-of-pocket costs of which you should be aware. Credit report and appraisal are early costs, and prepaid taxes, prepaid insurance and title are due at closing. 100% financing refers to not needing a down payment. A $450,000 home with 100% financing would allow you to finance the entire $450,000. Just remember the additional costs for appraisal, prepaid taxes, prepaid insurance may not be included. We will provide you with a loan estimate so you can anticipate the various costs.
Check out our USDA Loans page for eligibility.
Check out our VA Loans page for eligibility.
How Can We Help You?
Several new loan programs have emerged allowing you to get a new mortgage beginning with zero down payment. Not every loan fits every situation. We will discuss your options to deliver the best loan for your needs.
I heard about USDA loans from a fellow teacher, are they 100% financing?
Yes. USDA loans are 100% financing. It’s important to know that there are income limits depending upon number of people in your household and which county you reside, and, there are debt to earning ratios that you must comply within. We can run through your current income and expenses and see how you may qualify for 100% financing USDA Home Loans.