Zero-Down Mortgage
The recent crisis in the mortgage industry has caused plenty of problems, not the least of which making it harder to buy and finance a home. People with good jobs and good credit who just don't quite have the money for a large down payment are unable to find a mortgage. Loans with small or no down payments have largely disappeared from the home lending landscape.
So, these people are stuck renting...paying the same amount they'd likely pay for a mortgage payment...but building up no equity for their long-term wealth. Home ownership is the foundation of our communities, helping give people a sense of place, of roots, of permanence, of belonging.
At Eastern, we're always on your side.
And we're here to help with our Zero-Down mortgage.
Our Zero Down Mortage in a 3-, 5-, 6- or 7-year Adjustable Rate Mortgage (ARM). The loan is amortized over 30 years, so your monthly payments will be very reasonable. And you'll enjoy a fixed rate for a number of years (3 to 7 years, depending on the loan you choose), after which the rate will adjust yearly. You will still need to pay closing costs and private mortgage insurance, but you'd not have to pay anything down on the home itself.
- We will finance up to 100% of the property’s appraised value.
- Borrowers must have a clean credit history (no previous bankruptcies or foreclosures).
- Members must have good job stability (two years of employment at the same employer would be preferred).
If a down payment is all that's keeping you from achieving your dream of home ownership, give us a call or visit any branch today and ask for more information about our Zero-Down Mortgage.
