True No Money Down Home Loans 2013
Once upon a time.. No Money Down Home Loans were a very common way to buy a home, but then can the 2008 depression and swept of these No Money Down Home Loans away. Today at 2013 there are no more such mortgages offered to the public. But there are some gems worth searching for and if qualified can be as close as you may ever be to No Money Down Home Loans at 2013.
MSN has placed the FHA as the first place to look for low to no money down home loans:
The Federal Housing Administration is the first place most new homebuyers should look when contemplating a low-down-payment mortgage. The FHA requires a down payment of as little as 3.5% — with attractive mortgage rates and credit requirements that are fairly generous as well.
The downside of an FHA mortgage is that the fees — actually FHA mortgage insurance — can add up. Currently, borrowers pay a one-time fee of 1.75% of the amount borrowed as an upfront mortgage insurance premium at the time they take out the loan. In addition, there’s an annual insurance premium of 1.20% to 1.25% on 30-year mortgages.
So in the first year, you can end up paying nearly as much in mortgage insurance as you paid for a down payment. However, you can roll the cost of insurance into the loan, so you’re paying it on a monthly basis over time, rather than having to come up with it all at once, as you would with a down payment. Check more here..
Army and Navy No Money Down Home Loans
Navy Federal Credit Union has ‘no money down home loans’ programs.
The Navy Federal Credit Union 100% Financing
BankRate brought Navy Federal Credit Union 100% Financing as one of the lowest down payment mortgage offers for 2013:
Navy Federal Credit Union, the nation’s largest in assets and membership, offers 100 percent financing to qualified members for buying primary homes. Credit union eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.
Navy Federal resumed zero-down financing in 2010 after a hiatus of a couple of years. Barbara Sheehan, Navy Federal’s assistant vice president for mortgage products, says when members of the military are transferred, they sometimes own houses whose values have fallen, wiping out equity.
“Some people had to take losses to sell their houses, so to have to start over and save the money again for a down payment is really difficult,” she says.
The credit union’s zero-down program is similar to the VA’s. One difference is cost: Navy Federal’s funding fee of 1.75 percent is less than the VA’s funding fees. See source..
Here are some of Navy Federal Credit Union services which serve Navy, Army and others:
Fixed-Rate Mortgage Options
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
- 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
- Personal guidance from first call to closing, 7 days a week
- Navy Federal servicing for the life of your loan
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