Looking to purchase a home in California with a 100% Home Loan program? Look no further than the VA home loan and the USDA home loan program. These 2 no money down lending programs offer a home buyer the opportunity to purchase an owner occupied home at 100% financing.
Both the VA and USDA home loan program offers a buyer with very little to no money down to have the opportunity to purchase a home as their primary property with 100% financing. Lets explore both these lending programs further.
The VA home loan program is available to active and retired military personnel. The benefit in serving in the United States military is that you have available a home loan program that offers no money down. Veteran’s Affairs charges a VA Funding fee of 2.15% of the purchase amount and 3.30% for the proceeding use, the fee is financed in the loan.
Example – purchase amount of $200,000 and VA funding fee is 2.15% for the first time use of the VA home loan then the loan amount will be $204,300. The loan amount of $204,300 is what the mortgage payment will be calculated on. You can come out pocket and pay this fee, but not worth it when you can finance that cost in the loan.
The VA funding is waived if the Veteran is disabled by the Veteran’s affair of 20& or more, then no VA funding is charged to the loan. The VA home loan program is the best performing loan program on the market place today. A complete termite report is required when purchasing a home in the state of California and the Veteran can not pay for the report. With this 100% financing lending program, no monthly mortgage insurance is required, another bonus for being a Veteran.
If you are a Veteran or know an active or retired military hero, let them know about purchasing a home utilizing their VA benefit to take advantage of owning a home with no money down.
Another great home loan program here in California is the USDA home loan program. This program like the VA home loan offers no money down when purchasing a home in California. This program is available in designated areas of the county in which you are looking to purchase in. The areas are less populated than others, but you will surprised on the areas at least here in California.
Before buying a home in California look at this program, offers no money down and this is the only purchase home loan program that allows you to finance the closing cost. If the home appraises for higher then the agreed upon purchase price, then we can finance the cost of the loan into the loan amount. When the market shifts to a buyer’s market then this option is much more obtainable because of the negotiation room that a buyer will have.
The USDA home loan program restricts the buyer(s) on their income based on the county on where the home is located; income is based on the dependents in the household and based on the county, the amount is relatively high compared to the down payment home loan programs, owner occupied purchase and there is a small monthly mortgage insurance payment.
It is time to own a home, since owning is more affordable than renting in today’s housing environment. I welcome the opportunity to speak with you about one of these two 100% no money down home loan programs. You owe it to yourself to purchase a home this year for the tax benefits and for the sure fact of owning something of your own.
A buyer must meet the lending guidelines for both the VA and USDA home loan program.
100% Home Loan Program to Purchase a Home in California!