100% financing available?
My family in I are considering relocating to Woodstock. We currently own a home in Statesboro in which we received 100% financing through a USDA loan in 2009. Are there any programs like that in Woodstock? I realize the mortgage market has changed significantly in the last few years and this could definitely influence our decision on whether to move, as we may or may not have a sizeable down payment (depending on selling our home and our family business). If no 100% programs are available, how much of a down payment is normally required? This is our 2nd home and we have received 100% financing with no mortgage insurance required on both! Thanks for your help.
(1) | asked by: Allison Chambers | share | 68 months ago | Report
Viewing Answers 1 - 9 of 9
Paul is correct. The GA Dream does have a 100% financing option as well... However, you said you own a home in statesboro, so you would not be eligible for the GA Dream. USDA would be a great option for you if you found an eligible property. Currently, only the northern part of Cherokee Co. is eligible. hope this helps
Do you still have questions.... then call. Hopefully you are already moving into you own house in the Woodstock area - Ga. Dream loan might work for you and it has "no down pymt" if you haven't bought a house yet. Call if you still have questions. Remax 770-789-2401.
Great answers below. one item to note. USDA changed their program several months ago and even though it still is a 100% financed loan program the MI has changed. it used to be a 3.5% upfront Guarantee fee and then no monthly MI. Now however, they lowered the upfront to 2% with a .3% monthly MI. Still a great deal! Also you could look at FHA foreclosures. They can be had for $100 down. (although the new PMI for FHA almost makes it not affordable) and then FNMA & FHLMC foreclosures offer a program where you can buy with as little as 3% down and NO MI. Hope this helps.
100% USDA financing loans are usually limited to locations that are less developed. Woodstock, in particular doesn't offer this type of program, but surrounding areas in Cherokee County do qualify for it.
There is 100% USDA financing available in Cherokee County near Woodstock, so you certainly can move with this type of loan. You will need to live just slightly north of Woodstock in Cherokee County to qualify as the USDA maps will reflect what areas qualify. Ball Ground and Waleska are the closest areas in Cherokee County to Woodstock that qualify. Just put in a zip code and then you can make the map smaller to see the surrounding area. The 2 zip codes in Woodstock are 30188 and 30189 If you Google the USDA website and go to the Property Eligibility Tab, you can put in a zip code and state to see the map. Hope this helps to answer your question.
If you are specificallly asking about Woodstock, it does not qualify for the 100% USDA loan as that is also know as a "rural" type of mortgage and Woostock is not. There are other type of loans and I would love to let you know about them. Feel free to contact me for details.
You are moving to an excellent county in Cherokee. It is one of the fastest growing counties in the state, and offers some of the best schools. We have done a large volume of 100% financing loans recently including USDA loans. They are excellent programs with huge benefits to buyers. I especially like the fact that there is NO Mortgage Insurance on these types of loans, making your payment lower than traditional financing. Cherokee county has eligibility for USDA and 100% financing programs, I would just need the area or address to make sure on each property. Matt Epps, Team Leader "Foreclosure specialists"
You are moving to an excellent county in Cherokee. It is one of the fastest growing counties in the state, and offers some of the best schools. We have done a large volume of 100% financing loans recently including USDA loans. They are excellent programs with huge benefits to buyers. I especially like the fact that there is NO Mortgage Insurance on these types of loans, making your payment lower than traditional financing. Cherokee county has eligibility for USDA and 100% financing programs, I would just need the area or address to make sure on each property. We have a group of our preferred lenders that we work with that can help you through the process. Here is more information on the 100% financing program on our website. Let me know how we can help! "We Work for you For FREE!" Matt Epps, Team Leader "Foreclosure specialists"
Allison, there remain low down payment programs, from $100 to 3% down. The type loan you had in Statesboro is limited to less developed areas. Your best opportunity for a very low down payment home is an HUD foreclosed home which can be purchased with a down payment of $100 down. Give me a call or e-mail for additional information.
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