Financing in Williamstown>Question Details

Jim Thomas, Home Buyer in Williamstown, NJ

What bank or mortgage broker offer 100% fiancing mortgage, what is wellsfargo home oppurtinity mortgage?

Asked by Jim Thomas, Williamstown, NJ Sat Oct 6, 2012

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In NJ there are several programs avail for buyers. Most are income related. Credit score would have to meet particular guidelines also.

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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0 votes Thank Flag Link Sat Oct 6, 2012
Jim,

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.

http://www.ezmeetingsonline.com/joecordova/?do=registration&…

Best of luck to you. Feel free to reach me any time.

Joseph S. Cordova
NMLS# 146855
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
jcordova@eveshammortgage.com
http://www.joecordova.com
0 votes Thank Flag Link Sat Oct 6, 2012
Jim, if you are looking to purchase in Williamstown, NJ, and the total household income isn't too high (no more than $93,450 for a 1-4 person household, $123,350 for 5-8 person household), then you can get 100% financing with a USDA mortgage which has similar interest rates to an FHA loan. With USDA financing, if the home appraises for higher than the purchase price, you can use that difference to include the closing costs as well.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Sat Oct 6, 2012
100% LTV loans are available but limited. VA loans can be 100% LTV with no down payment. Navy Federal is offering 100% LTV conventional loans, I have a buyer that got one on a house here in NC and it is not a VA loan but is conventional. They are out there, you have to hunt for them.
0 votes Thank Flag Link Sat Oct 6, 2012
100% financing is not widely available, except with a USDA mortgage. Those mortgages are available in Rural areas and not every home. If you find a home you need to have your agent check with the mortgage loan officer to see if the home qualifies, it sometime come down to the specific address of the home.
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.


Features

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).

Benefits

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.

Considerations

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.
Web Reference: http://www.gyleshomes.com
0 votes Thank Flag Link Sat Oct 6, 2012
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