As popular as 100 percent financing home buying options have been in Gloucester and Salem County, NJ, we often find home buyers that do not know about these options. Zero down payment home loans are a pretty sweet deal. In addition to no down payment, home buyers may also choose to have the seller of the home they are buying pay some or all of their closing costs. It almost sounds too good to be true.
USDA mortgages are 100% financing loans for rural and suburban areas. Don’t worry it’s not just for farms or homes with large lots, although it can be. It is a program designated for specific areas in each county. Sometimes these loan options can get the reputation of being just first-time home buyer options. However move-up buyers can utilize them as well. VA loans also offer 100% financing, and each program has their own requirements. As always, it is very important to talk to an experienced mortgage loan officer to have all of the details ironed out before you make offers and find that perfect house.
If you want to know about all off your options, work with a Realtor and loan officer that are experienced, creative, and put your personal goals first. This can not be over stressed. Just using “Aunt Bertie” for your real estate agent or laon officer may be an easy decision because your are familiar, but also may not ultimately be in your best interest. Buying and owning a home is a huge financial and emotional transaction. The importance of following a well thought out home purchase, sale, and financing plan is vital to your success.