Financing in Watkins Glen>Question Details

johnwcgardner, Home Buyer in Watkins Glen, NY

need a 30 yr. fixed rate with 0$ down for $200,000. have excellent credit. wife and i make $77,000. have debt of 936/mo

Asked by johnwcgardner, Watkins Glen, NY Wed Oct 12, 2011

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I will be happy to refer you to a 1) mortgage broker; 2) a mortgage broker/banker and 3) a banker for your research.

You can then decide who might be the most appropriate person with whom to work.

Gail@GailGladstone.com 631-425-6150
0 votes Thank Flag Link Wed Oct 12, 2011
Other than VA financing, USDA rural housing financing is the most common type of 100% financing currently available. USDA financing interest rates are just about as low as FHA's and has a unique feature that if the home appraises for more than the purchase price then that difference can be used to finance the closing costs - so not only is it 100% financing your closing costs can even get wrapped in too.

However USDA's income limit in Schuyler County, NY is $74,050 for a 1-4 person family, so if you will have 4 people or less in your household your $77k/year is just over it. 5-8 people the household income can go up to $97,750 though so if you have 5+ people then your $77k/year would be OK. There are certain deductions you can take to reduce the amount of "eligible" income, such as $480 for each member of the family residing in the household who is under 18, disabled, or a full time student, child care expenses & disability expenses... so that may reduce your $77k/year of eligible income down to the $74,050 limit.

Then you have VA financing, which is 100% financing but only for veterans, and then there is SONYMA which is down payment assistance that when used in conjunction with a mortgage can come close to 100% financing for a $200k loan amount. http://www.nyhomes.org/Home/Buyers/SONYMA/DownPaymentAssista… has that information on SONYMA's down payment help program.

Other low down payment options would be FHA's 3.5% down & 3% down with conventional financing.

Outside of VA financing, if you have enough deductions to get your eligible income to $74,050 OR you have 5+ people living in the home, then in my opinion USDA financing would be the best option for no down payment.

Even though I am in California I also do loans in New York, doing financing for someone buying a home in Broome County currently, if you have questions or need additional information I'd be happy to help.
0 votes Thank Flag Link Wed Oct 12, 2011
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