Zero Down Mortgage Loans in Cape May County, NJ
Although many 100% financing options have recently been taken away from the home buyer's mortgage options, one of the best zero down mortgages ever is still around and going strong; The USDA mortgage program.
Not only does this 100% mortgage require no down payment, but the seller can pay all of the buyer's closing costs, which will allow a home buyer to get into a home with very little money out of pocket.
This 100% financing program is a 30-year fixed loan that has no monthly mortgage insurance. You do not have to put 20% down to avoid that expensive mortgage insurance with this loan. And interest rates for the USDA mortgage program are comparable to FHA or conventional mortgages.
There are a few limitations; The location of the home you are buying will have to be in an eligible area. If you are buying a home in Cape May County, NJ, many of the locations within the county are approved for 100% financing. (see map - lighter area).
A USDA mortgage is also income restricted, however it does have fairly high income limitations, and the majority of home buyers will find that they qualify.
If a USDA loan does not work for your particular situation, there are other options including first time home buyer grants and assistance programs (both state and county programs), FHA/VA loans, FHA 203K Renovation / Purchase loans and other options. For more information, to be pre-approved, or to have any questions answered, contact Steve Kappre (below).
See also some other counties offering 100% Financing:
Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:
- NJ First Time Home Buyer Mortgages, grants, down payment assistance, and more
- NJ Reverse Mortgages
- All aspects of purchase and refinance mortgages up to and over 100% of the home's value
- Home renovation loans for refinance or purchase
- Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more
Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail