100% NO MONEY DOWN LOANS
There are 3 different companies offering loan programs available right now with 100% Financing (No money down):
Key Bank:
KEY COMMUNITY PROGRAM
Key Community requires NO down payment and has low fees, so it takes a lot less cash to get started. One of the greatest benefits of this program is that qualifying is easier than you might expect.
This program ISN'T just for first time home buyers, it can be if you just sold your house and are purchasing a new one as well. The requirement is it has to be owner occupied and you can't be on title or own another home when you purchase your new one under this loan program.
Here are some ways Key Community Mortgage can help:
Conventional financing with NO private mortgage insurance (PMI) required.
Fixed interest rate and terms up to 30 years
Flexible credit decisions
$670 Orgination fee Max 3% Seller contribution allowed towards closing costs and or pre-paid items (You can usually have the seller pay this)
If the rare chance you choose a property that the property taxes are really high on IF funds are required to close for pre-paid items etc. such as taxes the funds can be a grant, a gift from a family member or through a down payment assistance program.
Earnest money must go towards the loan. (Usually you can do $500 earnest money as a first time home buyer. Typical requested by the seller is 1% of the offer it just depends on the seller and or price of the home your buying.)
1 month reserve required for principal, interest and insurance (PITI) in your bank account. (1 month payment in your bank account by closing)
Must make less than $56,960 total household income or be purchasing in a certain area with low to moderate income.
To learn more including a consultation to determine if you qualify please contact:
Mark Wilson, Tel: 503-680-2447
Email:mark_e_wilson@keybank.com
Key Bank Website
OnPoint Credit Union:
Any owner occupied home at 100% financing.
The JUST FOR STARTERS program is for First Time Home Buyers ONLY.
It offers NO down payment
No Private Mortgage Insurance (PMI)
30 year fixed mortgages
Owner Occupied Only
Maximum loan amount is $330,000 *Higher loan amounts will be looked at and case by case scenario)
Oregon or SW Washington
Must have or open an Onpoint Credit Union account and have automatic payment from a checking account
2 months reserves by closing of the principal, interest,taxes and insurance (PITI).
Reserves can be a gift from a family member or friend.
For a consultation to see if you qualify or questions, contact:
Kim Savery at 503.273.2694 or Email:Kim.Savery@onpointcu.com
Big River Mortgage:
USDA LOAN
100% financing for homes outside the city limits:
North Plains, Sherwood, areas of Gresham, Damascas, Wilsonville, McMinnville, Forrest Grove,Woodburn and others.
This loan has a website that the address can be plugged in and you can know immediately if the home qualifies for "outside" city limits.
100% financing 1 day out of Bk with qualifying credit scores also!
Eligibility Areas For USDA Or Search By Address (When your in the website on the left click on "Single Family Housing")
**$500 closing costs credit available to buyer's**
To have a consultation or questions contact:
Michael Neef at Big River Mortgage.
Cell:503-929-4615 or Email at mikeneef@yahoo.com
Big River Mortgage Website
VA LOAN
No down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
- Negotiable interest rates.
- Closing costs are comparable and sometimes lower - than other financing types.
- No private mortgage insurance requirement.
- Right to prepay loan without penalties
- The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
A VA loan can be used to buy a home or build a home.
A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.
**$500 closing costs credit available to buyer's**
To have a consultation or questions contact:
Michael Neef at Big River Mortgage.
Cell:503-929-4615 or Email at mikeneef@yahoo.com
Big River Mortgage Website
OREGON BOND
Oregon’s State Housing Finance Agency occasionally issues Mortgage revenue bonds to fund lower than market interest rate loans for First time buyers in Oregon. There are 2 varieties of this loan program.
Program Highlights:
1. Cash Advantage – CURRENTLY THIS CASH ADVANTAGE PROGRAM OF THE OREGON BOND IS OUT OF MONEY AND THIS FINANCING IS NOT AVAILABLE HOWEVER THE RATE ADVANTAGE BELOW IS STILL AVAILABLE
Borrowers will get a low fixed rate loan along with assistance equal to 3% of their total loan amount. The cash assistance will help reduce the total cash the need to close the loan. It can be used for Closing costs or downpayment (If the Loan Product matrix allows for DPA) This money is considered a gift with no repayment. (Currently 4.25%)
2. Rate Advantage – Borrowers will get the lowered fixed rate possible. This will help the borrowers qualify for more home. (Currently 3.875%)
Regardless of which pricing option they choose, the eligibility and program requirements are the same. There is no “Pre-Payment Penalty” for this loan program, but there is a “Recapture fee” If you sell your home during the first 9 years and your income has risen above the CURRENT guideline requirements for the county. These loans must be insured by either FHA or Guaranteed by USDA which means that you must follow qualification guidelines one of these program and OVERLAY the requirements established by the Oregon Bond Program.After the loan closes OHCS will purchase the loan to hold as a long term investment. They may sell the servicing rights to another vendor, but your mortgage will be owned by Oregon housing and Community Services.
Who Qualifies?
Most Bond users are First time buyers, however The first-time homebuyer requirement is waived and there are higher Purchase Price Limits if the property being purchased in a Targeted Area, and the borrower transfers any residential property previously owned prior to closing the Program Loan. Additionally there are Income and Purchase price restrictions.
**$500 closing costs credit available to buyer's**
To have a consultation for any of the loan programs mentioned above, or questions contact:
