Home Buying- Many
Ways To Finance - From Zero Down to Low Down Payment
Fannie Mae Announces 97% Loan-To-Value (LTV)
Option for First-Time Home buyers
To be eligible for this 3% down payment
option, at least one buyer must be a first-time homebuyer (in this case,
“first-time homebuyer” means that at least one buyer has not owned any
residential property in the past three years). Homebuyers can purchase a home under Fannie Mae’s standard offering
or its MyCommunityMortgage® product with a 3% down payment if at least one
co-borrower is a first-time buyer. These loans will require private mortgage
insurance.
You’ve Earned It! Initiative, the Maryland Mortgage
Program: 2.75% Rate, $10,000 Down Payment Assistance
You’ve Earned It! Initiative, the Maryland
Mortgage Program is offering 2.75 percent fixed rate, 30-year mortgage and
$10,000 down payment assistance to qualified homebuyers with more than $25,000
in student loan debt. Program seeks to strengthen reinvestment and
revitalization in the state’s older communities throughout the state, local and
private sector partnerships. There is at least one designated Sustainable
Community in each of Maryland’s 23 Counties
and Baltimore City.
FHA Mortgage Insurance Reduction in 2015:
3.5% Down Payment
FHA Homeowners can save on their monthly
payments. The reduction plan has dramatically cut the mortgage insurance
premiums new borrowers will pay. Since 2010, insurance premiums on FHA-backed
mortgages have, pricing hundreds of thousands of creditworthy borrowers out of
the housing market. There will be a .50% rate drop is projected to spur 250,000
new first-time homebuyers to get FHA loans over the next three years.
VA: 100% Financing
Purchase Loans helps borrowers purchase
homes at a competitive interest rate often without requiring a down payment or
private mortgage insurance.
USDA: 100% Financing
Section 502 Direct Loan Program this program
assists low- and very-low-income applicants obtain housing in eligible rural
areas by providing payment assistance to increase an applicant’s repayment
ability. Payment assistance is a type of subsidy that reduces the mortgage
payment for a short time. The amount of assistance is determined by the
adjusted family income.
NAVY FEDERAL Credit
Union : 100% Financing
We
offer a variety of affordable fixed-rate mortgage options designed to fit your
needs (see tabs above).
·
Special mortgages for military personnel
·
100% financing available*
·
Federal Housing Administration (FHA) Mortgage
Our fixed-rate
mortgages offer:
·
15- and 30-year terms with fixed monthly payments
·
No Private Mortgage Insurance (PMI) on many conventional loans,
including 15- and 30-year jumbos
·
Loans available nationwide
SECU Credit Union: 100%
Financing
To Qualify:
You need good credit
Primary residence purchase
only
You cannot own any other real
estate
Closing cost contribution of
$1,000 or 1% of the sale price (whichever is less)
Get More Details on What you Can qualify for contact me
Related Article:
Keji & Associates
of Fairfax Realty is a team of licensed agents working daily to get homes
sold for our clients in all parts of the metro area. We delight our
clients by delivering world class service every step of the way and we
strive to create a win-win situation this is all part of our values and
beliefs. Contact us @ 301-613-2043, email keji@metrohomesrealty.com or visit
our website . www.metrohomesrealty.com
