Zero Down Loans Available

VA Guaranteed Loans – these are from the Veteran’s Administration and you must have served in one of the nation’s branches of the military to be eligible.   A VA Funding Fee is required by law (currently 2.15% on no down payment programs for a first time use), but the following persons are exempt from paying the funding fee:

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  • Veterans receiving VA compensation for service-connected disabilities.
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
  • Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).

Rural Housing Development Authority Loans (RDA) – these loans are for properties in rural areas only, but are another great way to finance a home.  Single Family Housing Section 502 Guaranteed Loans require no down payment and no monthly mortgage insurance, and are loans made by approved mortgage lenders to qualified low and moderate income individuals and families in rural area.  For more information go to

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

FHA - The lowest down payment available to most home buyers is the department of Housing Urban Development’s FHA program.  FHA requires only a 3.5% down payment

How To Have Minimal to NO Closing Costs

Through careful structuring of your real estate contract and home loan program, you may be able to drastically minimize or even eliminate the closing costs and pre-paid items associated with your purchase.  This can add up to a lot of cash kept in your possession!

If you want your closing costs covered by the loan, you need to increase the price and have a stipulation with the seller that they will pay the closings costs and pre-paid expenses equal to the amount by which you have increased the price.

The loan amount will be the purchase price or appraised value, whichever is less. As long as the home appraises for the increased price, you will have the closing costs paid as part of the deal.

As your lender, we may also be able to structure a home loan program that allows us to give you a credit towards your closing costs or we can structure the loan so that we pay some or all of the closing costs for you!