100% Mortgage Financing for Non-Military People

Filed in Home Buying, Loans, Mortgages by on August 11, 2014 0 Comments

If you Google “100% mortgage financing“, you’re likely to come up with pretty much nuthin’ – unless you’re military (or a farmer or an astronaut). A quick search shows the following 100% mortgage financing options:

  • VA (Veterans Affairs) loan
  • USDA Rural Development loan
  • Navy Federal or NASA Credit Union loans

100-percent-mortgage

VA is for veterans (of course). USDA loans are primarily in rural areas. And Navy Federal and NASA are for members of the military or NASA (as in space shuttle) employees, respectively.

Now there’s another option – at least for people who live in the Mid-Atlantic states. SECU, Maryland’s largest credit union, is now offering a 100% mortgage financing program for eligible borrowers. I’ll get to the eligibility in a sec but the real news here is this program is open to all us civilians who aren’t astronauts and don’t want to live in the boonies.

Sure, you’ve got to be or become a member of SECU Credit Union, but their field of membership is wide open, extending far beyond their original state employees charter. SECU issues mortgages in Maryland, Virginia, Washington DC, Pennsylvania, West Virginia and Delaware – so if you’re buying anywhere else, you’re back to farming.

That said, 100% financing is not for everyone. You’re not going to qualify if you don’t have steady employment and a rockin’ credit score. The program is for primary residence purchases only and you cannot own any other real estate. You’ll also need $1000 or 1% of the purchase price (whichever is less) to go towards closing costs. You can learn more here.

There you have it. Don’t say I never do anything for ya.

Later gator.

 

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About the Author ()

Melvin is the Smart Green Pig. "Smart" as in intelligent. Some would say "Super Intelligent" or perhaps "Genius". But also "Smart" as in surly and sarcastic, so watch your Ps and Qs! By the way, Melvin gets paid (quite handsomely) by SECU, so even though he's completely unbiased, some might think otherwise. Just sayin' (disclosin').

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