October 17th, 2012 4:54 PM by Nathan Rufty
Mortgage loans usually require applicants or potential clients to make some kind of down payment before their loan can be processed. The amount of money to be made as down payment is never less due to the fact that it can take an individual so many years for him/her to come up with this kind of money. This does not just take so much time before one can apply for a loan when they are in a position to make the down payment but it also puts their dreams of owning homes on hold.
This is the reason it becomes necessary for people to have access to 100% financing of their dream homes without having to pay any down payment for the same. With this kind of mortgage, you only have to give proof of your ability to make the monthly repayments. The amount of money that you can give as down payment does not really count. This makes it possible to own a dream home as soon as you want and if you so wish, even more than one home. This makes it so easy for everyone with a regular source of income that can enable them to make the monthly repayments to buy or even build a home of their choice.
Access to 100% financing enables potential home owners to make their dreams a reality. They do not have to spend the rest of their lives saving for a down payment which they might even eventually give up on since there are other expenses in their lives they have to take care of instead of pursuing a dream that they feel is taking too long to come to be. Though there are people even close allies as well as family members who believe that there are no mortgage companies that offer such loans, they are wrong because there are.
Some of the kind of loans that allow American applicants to have 100% financing is the VA and USDA loans. Whereas VA loans mainly target veterans who served in the US Forces, the USDA loans mainly motivate Americans to purchase homes in the rural areas. VA loans are also accessible to the spouse of veterans as long as they stayed unmarried for some time after their partners passed on before re-marrying. The USDA loans are meant to encourage rural migration at the expense of urban migration that is common not just in American cities but also other regions in the world.
The VA and USDA loans have very competitive rates and applicants can purchase their dream homes while enjoying all the benefits that come with each. There are so many mortgage professionals that help potential homeowners make the right decision and apply to amount of loans that they can afford to re-pay. Owning homes has never been easier than what the Americans have on offer at their disposal. It just takes one to have access to 100% financing for him/her to be able to have a home that they can call their own.