MoFI HomeNow $0 Down USDA Mortgage Program
Best For: First Time Homebuyers, Low Down Payments, Zero Down
MoFI HomeNow USDA Program
This loan program is not available in Spalding County, GA
Program Description
MoFI HomeNow $0 Down USDA Program provides 1st mortgage financing and down payment assistance to eligible borrowers. Assistance is a deferred 0% 2nd Mtg up to 3% or 5% of the 1st Mortgage. $0 borrower contribution. Min 640 FICO
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MoFI HomeNow $0 Down USDA Mortgage Program
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
$766,550
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Down Payment Assistance of 3% or 5% - as a 0% interest 2nd mortgage
- 2nd Mortgage bears no monthly payments (subject to conditions)
- Borrower does not have to be a First-Time Homebuyer
- Max 45% DTI
- Limited USDA Coverage Area
Program Availability
MoFI HomeNow $0 Down USDA Mortgage Programs are available in 1 state.
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“USDA $0 down. Min 640 FICO. Either 3% or 5% assistance. 2nd mortgage with 0% interest - Payments deferred. Max 45% DTI"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
No Limits
Income Limit
$91,900 - $103,950
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- $0 Down Payment
- FICO down to 640
- No Min Borrower Contribution
Additional Conditions
- USDA $0 down. Min 640 FICO. Either 3% or 5% assistance. 2nd mortgage with 0% interest - Payments deferred.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: Recommended but not required
Recommended but not required
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: USDA Gurantee Fee
The USDA loan program requires the borrower to pay a funding fee called the "Upfront Guarantee Fee" that is equal to 1.00% of the loan amount and can be financed into the loan.
Type: USDA Annual Fee
The USDA loan charges and annual fee based on the total remaining balance of the mortgage at a .35% annual rate.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
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* Assistance is a $0 2nd mortgage that goes behind a USDA mortgage. Can be 3% or 5% of the 1st Mtg. Min 640 FICO. Max 45% DTI
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