Deanna Valeo
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Two Great Ways to buy a house with 100% Financing February 17, 2015

Two great ways to get into a house with 100% financing:

Did you know if you don't currently own another home there are two great ways to buy a home with zero down payment?  The key is finding the right home and negotiating seller paid closing costs: a great Realtor can help you make that happen.

The first Type of loan is a USDA loan.  This type of loan if for areas outside of the city; as the metro area continues to expand we see more and more families wanting to move south to get more space.  The two maps below show the overview of approved areas for USDA.  There are household income limits for this product of $74,400 up to a four person household.  And the house must be in an approved area.  You can see if you and your house qualify for USDA purchasing at this web site:  USDA Web site


 

The second option for 100% financing is to buy in North Carolina using the NC Housing Finance Agency (NCFHA) 97% program (NCHFA Link).  There is an income limit of $84,000 for the borrower(s) on this type of loan; the good news this is a borrower limit not a household income limit like USDA.  We can get a single borrower approved in a family and use this program.

The main differences between the programs are: USDA will have the lowest payment; however, you must live in an approved area (see maps).  The NCHFA option has a higher payment; however, it does not have the house location requirements (except being in NC).

Both of these are great options and you and you can see a direct comparison on a $200,000 purchase at this video web link:  http://screencast.com/t/kpJqCKUetCI you can see an interactive comparison at this link:  https://mcedge.tv/16pyt3

Good Luck with you house hunting and remember get a great Realtor; BTW we know many and can help you get a good one if you want.

Cheers,  Todd and Deanna