Do Any Loan Programs Offer 100% Financing?

Do Any Loan Programs Offer 100% Financing?

Yes! There are loan programs that offer 100% financing.

One such program is a VA mortgage. It is a no-money-down program available to members of the U.S. military and surviving spouses.

For those who do not qualify for a VA mortgage, a USDA mortgage may be an option. You will want to make sure the property is in an eligible area. You can do so by clicking here to check the address.

USDA Mortgage : 100% Financing

As stated above; “No Money Down” options exist for non-military borrowers, too. The U.S. Department of Agriculture offers a 100% mortgage. The program is formally known as a Section 502 mortgage, but, more commonly, it’s called a Rural Housing Loan.

The good news about the USDA Rural Housing Loan is that it’s not just a “rural loan” — it’s ava ilable to buyers in suburban neighborhoods, too. The USDA’s goal is to reach “low-to-moderate income homebuyers”, wherever they may be.

Many borrowers using the USDA Single Family Housing Guaranteed Loan Program make a good living and reside in neighborhoods which don’t meet the traditional definition of rural.

There are some areas that you may be surprised that meet USDA eligibility standards. Some include less-populated suburbs of some major U.S. cities.

Some key traits of the USDA loan include :

  • You may include eligible home repairs and improvements in your loan size
  • There is maximum home purchase price
  • Guarantee fee added to loan balance at closing; mortgage insurance collected monthly

Another key benefit is that USDA mortgage rates are often lower than rates for comparable, low- or no-downpayment mortgages. Financing a home via the USDA can be the lowest cost means of homeownership. Click here to ask us any questions you may have about mortgage financing. We would be happy to see if a USDA mortgage is a good fit for you!

DISCLAIMER: Neither Indiana USDA Mortgages ( nor Luminate Home Loans is affiliated with any government agencies, including the USDA.

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