Wisconsin Home
Oct 14th, 2008 by Jon
When it comes to no down payment mortgage loans for buying say a Wisconsin Home there are several options available to you. Below we take a look at just a couple, who is eligible for such loans and what benefits are obtained from them.
Veteran Affairs (VA) Mortgage Loan
People who are eligible for such loans are those who are currently a member of the military services or have formally been in the military services. Plus the spouse of a current or previously serving member of the military forces is able to apply for this type of mortgage.
Certainly compared to other no down payment mortgage loans this one comes with several benefits for those who are eligible for it. The benefits are as follows:-
1. They don’t need to make a down payment on the Wisconsin home they wish to buy.
2. They have much less of a Private Mortgage Payment (PMI) to make.
3. The interest rates are not only more favorable but are also fixed for 30 years.
4. Those applying and who are eligible do not need a minimum credit score in order to qualify. Even if their credit score is bad as long as they can show that they can afford the mortgage payments is acceptable.
Rural Housing Mortgage Loan
If you are someone who chooses to purchase a Wisconsin home in a rural area and find that your annual gross income when adjusted does not exceed the moderate income limits for the area. Then you may well qualify for this type of mortgage loan. Again like the VA mortgage loan this one comes with a number of benefits. Along with the first three benefits mentioned above it comes with a couple of others.
1. The seller is up to pay up to 6% of the purchase to the buyer in relation to closing costs and prepaids. So this means that the buyer doe s not have to bring any money to closing as there was no down payment either.
2. A person using such a mortgage can finance up to 102% of the appraised value or the purchase price (whichever one is the lower). The 2% is what the buyer is meant to use for financing the closing costs and prepaid items such as the escrow account. So they really do not need to have any money available for the closing.
Above we have shown you two types of no down payment mortgage loans people can use in order to purchase a Wisconsin home. So it is worthwhile spending some time investigating whether you are eligible for such mortgage loans or any others.
