100 Financing First Time Home Buyer Program: The Rural Housing USDA and VA home loan programs still offer 100% mortgage for qualified borrowers. You can borrow up to 100% of the value of your home, with no required equity or a down payment. In fact, the only costs you need to cover with a 100 percent mortgage loan are the typical buyers closing costs, and even those can be financed in by utilizing seller concessions in most cases!
Both the USDA Rural and VA home loans allow the home seller to pay all closing costs and prepaid escrow requirements up to 6% of the purchase price.
The two mortgage programs that currently allow $0 down payment:
USDA Rural Housing program – If you’re a home buyer looking for 100% financing, this is the program you’ve been looking for. If you have a 620 or higher you receive a streamlined loan with no explanations for any derogatory on credit. The USDA Rural Loan program allows us to offer you 100% financing with low fixed 30-year interest rates.
There is no prepayment penalty and very low mortgage insurance resulting in a loan that saves you even more money. This program was designed for borrowers with limited income and credit histories. You can view a quick overview of the program by looking at the loan programs page. Ask a mortgage professional about how the USDA Rural program can help you today!
VA Loans are the preferred loan of choice for any qualified veteran. They provide 100% financing with no costly mortgage insurance (PMI) which means you keep more money in your pocket. In addition, VA loans are less restrictive on credit guidelines when compared to other loan programs. VA also has some attractive VA Jumbo options for Vet’s purchasing more expensive homes.
There are two very similar but with more expanded approval guidelines offered by Fannie Mae and Freddie Mac which both offer 100% financing for home buyers. These programs carry the same low rates as the My Community Loan, however, there is no restriction regarding income and you don’t have to be a first time home buyer to use them. These programs allow us to offer you several great options for getting financed at 100% for your purchase or refinance!
Between the VA Home Loan and USDA Rural Housing options, we have all of your 100% financing needs covered.
Home Buying Made Simple
Be sure to reach out to us 7 days a week with questions. Just call or submit the Request Contact form button at the top.
Why worry about using your hard earned money and having to tie it up in a non-interest mortgage? There are a variety of reasons one would choose to get a 100% home loan, such as:
- Not having to put a down payment on your new home purchase
- Using the funds that you may have available by putting them into higher interest-bearing ventures
- Get a 100% home loan with limited private mortgage insurance
- New laws recently passed now allow for mortgage insurance to be tax deductible if you chose to pay it with your mortgage
- Up to 6%, seller concessions allowed. No need to pay ANY closing costs
- No special “first time home buyer class” or education requirements
- No bond money or down payment assistance needed
- 30 year fixed rates with no prepayment penalty EVER
- Get pre-approved and start shopping for that perfect home all on the same day
We make it simple to qualify for a 100% home loan. If your looking to divert your savings into other interests or perhaps you haven’t saved the money yet for a down payment, then 100% financing may be just what you’re looking for. Buying real estate is often about leveraging other people’s money. We understand this concept and we are experts in helping our clients achieve their goals of homeownership.
What about Private Mortgage Insurance?
Normally a lender will charge an insurance fee if you borrow more than 80% of the total value of the home. However, there are several no money down mortgages that allow you to bypass the purchase of private mortgage insurance or PMI. This insurance protects the lender in the event of foreclosure but does not provide protection to the borrower. Why pay all that extra money when it’s not necessary. The 80/20 loan is a sure way to avoid PMI, but even with one loan at 100% financing, we provide options that allow you to avoid this costly nuisance.
** Please note – 80/20 loans are no longer available. Please check into the other 100% home loans – USDA and VA
Five Stars – The Right Choice for You!
We specialize in 100% First Time Home Buyer Mortgage Loans nationwide. We can provide higher loan values than most mortgage lenders. At Five Stars we offer:
- Many years of REAL mortgage experience.
- Simple and expedient closings
- Free loan application and mortgage consultations
- Easy online applications and tracking of your loan
- USDA, FHA, VA, Conventional and 95% Jumbo loans
- 10 min loan application. Same day pre-approvals, even on weekends.
- Deal with people that value your business. Our mortgage professionals understand that you are our number one priority. We are here to serve you and your needs.
Questions? Let us help – please submit the Request Contact form at the top so we ensure the right specialist contacts you. You can also call ph: 888-705-1975
Serving all the entire U.S. including Florida:
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