UniqueMortgage Loan Programs...Zero or Low Down Payments Loans
In today's market there are many types of mortgage loan programs available for Buyers to choose from. While beneficial for Buyers, the variety of programs can easily lead to confusion and misinformation.
The following is a summary of specialty financing options that are available at Golf Savings Bank.
USDA Loans (Zero Down) USDA loans (also known as a Rural Housing Guarantee Loans), are mortgages directly funded by the government. They are available for households with moderate to low income, and for properties located in rural areas.
Under USDA Guidelines specific income limitations apply for properties located in Washington. To learn more about income eligibility requirements please Click Here.
To download the USDA Map of eligible rural areas in Washington, please Click Here.
Here are some additional benefits of the USDA Loan Program:
Zero down payment required
Closing costs and Prepaid items can be paid by the seller
Credit scores as low as 620 can be approved
No assets generally required
This loan is great for borrowers who may be looking for a home outside the major metropolitan areas. It also works for families that may have lower income, or may have had credit problems in the past. Obviously, it’s great program for those who don’t have a down payment available!
VA (Zero Down) A VA Guaranteed mortgage is a loan made by a private lender, such as Golf Savings Bank, to an eligible veteran purchasing a home they intend to occupy. The loan is insured by the Department of Veteran Affairs against loss if the borrower goes in to default. This means that the lender can offer a low interest rate for loans with little or no down payment.
Unlike USDA loans, a VA loan can be used to purchase homes regardless of location. Eligible Vets can receive a Certificate of Eligibility from the VA. If you’re not sure if you’re eligible for please contact us, and we will walk you through the steps to request a certificate.
Highlights of Benefits of a VA Mortgages:
Zero down payment required
Seller can pay closing costs and prepaid items
Credit scores as low as 620
The mortgage is assumable by future parties
Funding Fees may be reduced or waived if you have a disability
VA loans are designed to help Veterans move in to a home with no money down, and less than perfect credit.
FHA (3.5% Down)
A FHA loan is a mortgage that is insured by the Federal Housing Administration, which allows private lender like Golf Savings Bank, to lend money at low rates. A FHA loan can be used to purchase your first home, a four unit property, a manufactured home, or even a fixer-upper. If you have credit problems, such as a bankruptcy, late payments on credit cards, or collections, an FHA loan may be a good fit for you.
Some additional benefits of FHA loans are:
Credit scores as low as 600
The down payment can be given as a gift
Closing Costs and Prepaid items can be paid by seller
Loan is assumable by future parties
HomePath (3% Down For Owner Occupied Homes)
The HomePath mortgage program is sponsored by Fannie Mae to help sell their Foreclosures-(REO) properties. These properties can generally be identified by this logo attached to the property flyers/signs. While Fannie Mae has traditionally funded conventional mortgages, the HomePath program caters to those interested in buying foreclosures as a personal home, as well as investors who may or may not have a large down payment. While traditional financing requires minimum down payments of 5% (owner occupied) and 25% (investment), the HomePath program allows as little as 3% down for owners occupied homes, and 10% for investment purchases.
Here are some additional benefits of the HomePath Program
No Appraisal Required!
No Mortgage Insurance Required (but adjustments may apply)
The minimum down payment (3%) can be from a family gift, or even an employer
Minimum Credit scores allowed is generally 580
The HomePath loans are available exclusively for Fannie Mae owned properties.
TO LEARN ABOUT FINANCING OTHER TYPES OF BANK OWNED PROPERTIES (REO)To PLEASEClick Here
HomeSeeker Center Has Partnered With Golf Savings Bank to Expedite the Process For Its Clients.
Golf Savings Bank has consistently demonstrated its ability to move quickly and accurately though the loan and closing process. You can trust Golf Saving Bank to work diligently to a successful close on Bank Owned Property. Golf Savings Bank can work with you online, by phone, in person, or through any combination of these methods that works best for you.
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