Zero Down Payment Loan
What is the one thing that stops most buyers from buying a home today?
They don't have enough money for down payment and closing costs to buy a home.
We have the solution: The BMC Zero Down Loan.
For sales prices up to $200,000 you can now get up to $6,000 to cover your full 3% down payment. Combined with seller assist, this reduces the amount of money needed substantially allowing you to keep more of your savings for decorating or repairs. For higher sales prices you can still get $6,000 but it becomes "Almost ZeroDown".
Another great feature is that this loan has ZeroPMI so it could result in a lower payment than a tradtional 3% or 5% down loan which requires PMI.
Here's how it works: You must be eligible for a PHFA first mortgage (We will let you know if you
are) and select your new home.
The assistance is limited to 4% of the sales price or $6,000 (Whichever is LESS). It is a second mortgage paid back over 10 years with NO INTEREST. In this example you would be financing $6,000 over 120 months interest FREE. The payment would be $50 per month and we have included it in the figures below.
Real Life example of the type of loans we do for our clients everyday. This is based on a home recently listed in our market.
Sales Price $175,000*
Closing Costs $10,309
Down Payment $ 5,250
SubTotal needed $15,781
Less Seller Assist - $ 5,250
Less Lender Assist - $6,000
Final Cash needed $4,309.00
Payment Info - 30yr fixed*
Principal & Int $
Advantage P&I $ 50.00
Taxes $ 148.50
HO / Hazard Ins $ 54.17
MI $ 0.00
Monthly Total $1176.94
Give us a call or click below and we will be happy to answer any questions and discuss all details of the ZeroDown mortgage.
The Fine Print: *First mortgage quoted above is a Conventinal 30 year fixed rate ZeroPMI loan based on 5.125% rate (5.195 APR) and subject to change without notice. Rates are for qualified borrowers and certain elibibilty criteria must be met for each loan program. Please call or inquire for today's rate. If you are putting less than 5% down you must have at least a 660 score. We only offer the ZeroPMI and ZeroDown loans for owner occupied homes in Pennsylvania.
Let us do a quick estimate based on a home you are considering. All we need to know is the sales price and real estate taxes of the property.
Get a No-Obligation Review of your loan options »