Currently there are 3 programs which can provide 100% financing.


VA – These allow up to 100% financing and closing costs include a 2.2% VA funding fee. There are NO monthly mortgage insurance fee charges. If you are applying for your second VA loan, the funding fee is slightly higher. You must have a VA certificate of eligibility to qualify for a VA loan..


USDA – This is perhaps the best program available today. Similar to VA, there is a 3.5% funding fee and no monthly insurance. You can wrap closing costs into the loan when appraisal is higher than purchase price. This program was originally designed for rural areas, but many areas in urban/suburban locations will qualify. Generally, a borrower needs a 620 score to qualify, but lower scores may be acceptable with a valid letter of explanation. There is no maximum purchase price limits and gift fund from any source are allowable. Call us to verify your eligibility.


FHA – This is America’s most popular government loan, and normally requires a minimum of 3.5% down payment. Many families whose income does not exceed 120% of median income for your county are eligible for down payment grants. We will assist you in obtaing these available grants.

In addition to a 1.75% upfront mortgage insurance premium, there is an annual charge of 0.85% payable in monthly installments.These are also popular refinance programs with qualifying scores below 600 and up to 85% LTV cash out refinances. Call us for more information on obtaining these funds.

Call Joe Bell at Innovative Mortgage for more information on these excellent government loan programs.

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