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Zero Down Payment Mortgages9.12.2017


Are you in the market for a new home? There are mortgages out there that require zero (0!) money down, and mortgage rates are low, so what’s stopping you from purchasing your dream home? At Mortgage Options, Inc., we help homebuyers in South Carolina, North Carolina, Georgia, and Tennessee get the home loan that works for them. Here are two of our favorite no-money-down loans.

VA Loans

South Carolina is home to some of the largest military bases in the country. We love the folks at Fort Jackson, Shaw AFB, McEntire, Parris Island and Charleston. North Carolina is equally a military state with Fort Bragg, Camp Lejeune, Seymour Johnson AFB, and more. If you are active military, reservist or a veteran, a VA loan is the perfect no-money-down mortgage for you. Other benefits include negotiable interest rates with fixed and adjustable options, no mortgage insurance required, and you can pay the loan off early without any penalties. You can secure a VA loan with a credit score of 580 or above, and it is possible to have two VA loans at the same time, as long as you remain eligible.

Another options for VA-eligible individuals is a cash out refinancing loan, which allows military and veterans to refinance up to 100% of the home value. This is a great option for VA-eligible individuals to access cash for debt consolidation, home improvements, or other cash needs.

If you are active or former military, speak to a loan officer at Mortgage Options, Inc. today. We’ll help you secure that zero down payment mortgage, or a refinance, and answer any questions.

USDA Rural Housing Loans

Did you know that 90% of Georgia, Tennessee, South Carolina and North Carolina is eligible for USDA rural housing loans? A USDA Rural Housing Loan is a no money down loan for homes located in qualified rural areas (most of NC, SC, TN and GA). You can qualify for a USDA loan with a credit score of 620 or above, and highlights 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
  • The seller may be allowed to help pay for the borrower’s closing costs

For homebuyers in Tennessee, South Carolina, Georgia and North Carolina, it’s well worth it to look into a USDA rural housing loan mortgage. To see if you qualify, speak to a loan officer at Mortgage Options, Inc. We can answer any questions and get you one step closer to purchasing your next home.

For all of your mortgage loan options, contact Mortgage Options, Inc.

No matter what sort of mortgage you need, the loan officers at Mortgage Options, Inc. are here to help. Contact us today at 803-732-5787 for your free mortgage consultation. We have offices in South Carolina, North Carolina, Georgia and Tennessee.