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Low to No Money Down Home Loans1.12.2016

Are you looking to buy a new home in South Carolina or North Carolina? Concerned about the costs involved? Buying a new home is a big decision for anyone and the cost implications can be great, but at Mortgage Options Inc., we have 3 great mortgage programs that are low money down or even no money down to help you purchase your dream home. 

No Money Down - VA Loans

Are you an active duty military servicemember, veteran or reservist? If so, a VA loan could be the no-money-down mortgage option for you. VA loans are backed by the Department of Veteran Affairs and offer some of the best mortgage features out there. What could be better than 100% financing and no down payment? Interest rates are also negotiable with fixed rate and adjustable rate options. No mortgage insurance is required and you can pay the loan off early without any penalties. North Carolina and South Carolina has a large military population and we love helping our service men and women get the best mortgages available. If you are interested in a VA loan, contact Mortgage Options, Inc. today.

No Money Down - USDA Rural Housing Loans

A USDA Rural Housing Loan is a fantastic, no money down option for homebuyers in North and South Carolina. These rural housing mortgages are backed by the US Department of Agriculture (USDA) for homes located in qualified rural areas. The definition of a rural area is fairly broad, so you might qualify even if you don’t think you’re in a rural area. Entire counties of North and South Carolina are USDA loan eligible and that could mean buying the home of your dreams without a down payment. Features of the USDA Loan Program include: loans can be for up to 102% of the cost of the house, loans are 30-year-fixed and the interest rate is the going market rate, loans can include closing costs if appraisal is higher than the selling price and the seller may be allowed to help pay for the borrower’s closing costs. At Mortgage Options, Inc. we’d love to work with you on a USDA Rural Housing mortgage. Call us today at 866-456-5511. 

Low Money Down - FHA Loans

FHA mortgages are backed by the Federal Housing Association and are very popular option for first time homebuyers. It’s one of the easiest mortgages to qualify for and requires less money up front that other loan programs. FHA mortgages are available in a range of fixed rate loan plans with down payments as small as 3.5% of the loan. Other advantages include that it’s available to all income brackets, a new buyer can take over the loan if you sell the home, a co-applicant can help you qualify for the loan even if they don’t live with you, and you might be able to use a gift for the down payment and closing costs. The major drawback with FHA loans is that you usually have to pay monthly mortgage insurance premiums and upfront payment. Also, the house must meet certain conditions and has to be appraised by an FHA-approved appraiser. That being said, FHA loans are a great option for many homebuyers and we’re happy to talk through all the advantages and disadvantages with you. 

Receive $1000 credit towards closing costs by mentioning the title of this blog “Low to No Money Down Home Loans” to your loan officer. To find out more about low cost or no money down mortgages, call Mortgage Options today: (803) 732-5787 or Toll Free at (866) 456-5511.