No Money Down OR & CA

USDA and VA Loans

USDA Rural and VA Guaranteed Home Loans are still your best bets for 100% financing in today’s mortgage environment. Both programs have qualification requirements. USDA has maximum income and property location requirements and VA has military service requirements but both have no down payment requirements under $417,000 loan amount, although it would be doubtful you could qualify for a $417,000 loan amount given the USDA maximum income requirements.

USDA NO Money Down

To find out if you qualify within the maximum income requirements for as USDA loan, take a look at this link. In much of Oregon and Lane County specifically, a family of 1-4 people can make an annual income of up to $73,600. and a family of 5-8 can make up to $97,150. Even if you are over the income limit, there are some adjustments to income that may bring you inline. To find out what they are for Lane County, check out this link. Here is a partial map for Lane County (the dark area is not eligible):

You can check out this USDA Property link to find out where in Oregon you should be looking for a USDA qualified property. You can also use this link to find out if a specific property qualifies for the program. There is also a link on that site for some areas that normally wouldn’t qualify that are special for the program, like disaster areas.

VA NO Money Down

VA, like USDA does not make the loans for these programs, they offer a guarantee. That guarantee for VA will allow you to purchase (if you qualify) up the a $417,000 home in our area with no down payment. You can purchase a larger loan with down payment, but less down payment than normally required with a conventional loan. To be eligible for a VA loan, you must have completed a minimum of three month’s of active duty  military service or six years of reserve duty. To find out the specific requirements, check out this link.

No Mortgage Insurance

Neither program requires mortgage insurance, however both do have a “financed” funding fee. This fee is waived for VA borrowers with a 10% or greater service connected disability.

Call Today

To find out if you qualify for either program or to get started on the road to homeownership, give me a call today at 541-342-7576/541-221-3455 cell or e-mail me. I am a Vietnam era veteran and specialize in government loans. Purchase or refinance, VA, USDA, FHA or conventional, I am your Loan Guy. Let’s get together and get you started.