To add to what's already been said about the no money down USDA mortgage.
One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.
Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment and the interest rate for a USDA mortgage is just as low as an FHA mortgage.
The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.
Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.
Senior Mortgage Banker
Peoples Bank & Trust
These programs are offered thru most of the banks or mtg co's.
Smart Start, USDA(federal program), Live where you work, and VA
The Wells Fargo program with out knowing the exact particulars is for first time home buyers and those with not so perfect credit scores that may still qualify for a loan.
If you need assistance with these programs and would like me to put you in touch with a good banker just contact me directly
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Shane is correct. The USDA loan is eligible for no money down is Williamstown. We are a local lender who specializes in government loans such as USDA You can watch this short 30 minute workshop to learn more about the loan. We also offer FHA with 3.5% down and Fannie Mae with 3% down. But if you are under the allowable income limits in Williamstown, USDA is a great mortgage option.
Best of luck to you. Feel free to reach me any time.
Joseph S. Cordova
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
Shane Milne | Lending in all 50 states | NMLS #81195
As for the Wells Fargo loan, this is the information on their web site. Not all borrowers qualify and if history is any indication, they are not made very often. The the information below and there may be income limits as well.
Reduced down payment options.
Flexible income, credit and debt guidelines.
Flexibility on the source of closing costs.
Benefits for public employees (e.g. law enforcement officers, state licensed teachers, healthcare workers).
Minimal out-of-pocket expense.
Reduced mortgage insurance coverage needed.
Lender paid mortgage insurance option that allows more purchasing power and lower payments.
Increased chances to qualify by allowing limited or less-than-perfect credit histories.
A temporary buydown feature to help take advantage of lower initial monthly payments for up to three years.
Only available with a conforming fixed rate mortgage or a 5/1 adjustable rate mortgage (ARM).1
Available for owner-occupied primary residences only.
Income limits may apply.
Lender-paid private mortgage insurance will result in a loan with a higher interest rate.
Temporary buydowns are not available on all loans or in all areas.