Homes Requiring No Down Payment: Morris County

While many if not all “No Down Payment” loans provided by banks and mortgage companies have been discontinued, the federal government still has agencies and housing programs whose mission is to assist moderate income individuals and families to achieve homeownership. Removing the burden of a down payment by providing 100% financing and not requiring a down payment still remains a possible option for potential home buyers; even for those home buyers who are not veterans. The federal government agency partners with approved local lenders to offer 100% financing opportunities to eligible individuals and families. Each year thousands of homeowners purchase homes without a down payment with the assistance of the federal government’s guaranteed mortgages.

Some of the highlights of the government’s 100% mortgage for home buyers who are not veterans include:

  • No Down Payment and eligible closing cost may be able to be included in the loan.
  • Fixed 30 year interest rates.
  • Flexible credit guidelines.
  • These loans are not limited to first time homebuyers.

Three examples of homes in Morris County that could be purchased with no down payment include:
  1. 214 Drakestown Road, Long Valley, NJ - Sales Price: $274,90
  2. 10 Highland Ave Montville NJ- Sales Price: $285,000
  3. 4 Valley View Road, Chester, NJ – Sales Price: $300,000

To be eligible for the 100% financing for non-veterans, both the property and home buyer must meet the following criteria:

  • The house being purchased must be within an approved geographical area. Many neighborhoods fall within the required regions.
  • The annual household income must be within 115% of the area’s median income.
  • The home buyer must intend to occupy the home being purchased. Second homes and investment properties are not eligible.

For more information regarding 100% financing, the approved geographical areas, or income limits for a particular area, call 1st Mariner Bank at 877-733-4411.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


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