Making Homeownership Accessible in Kansas City and Across 40 States
At McGowan Mortgages, we are dedicated to making the dream of homeownership a reality for more people. Our 0% Down Conventional loan program, available through United Wholesale Mortgage (UWM), is designed to help qualified borrowers secure a home with minimal upfront costs. This page provides all the details you need to understand how this program works and how you can qualify.
How Does the 0% Down Conventional Loan Work?
Our 0% Down Conventional loan option offers a unique solution for those who might struggle with the traditional down payment requirements. Here’s how it works:
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Today's Mortgage Rates- First Lien Mortgage: Your primary mortgage must meet the loan-to-value (LTV) requirements.
- Second Lien Mortgage: McGowan Mortgages provides a second lien mortgage for 3% of the purchase price, up to $15,000.
- No Monthly Payments or Interest on Second Lien: The second lien has no monthly payment requirements and accrues no interest.
- Repayment of Second Lien: The balance of the second lien is due when the first lien loan is refinanced or paid off, whichever occurs first. While payments on the second lien can be made throughout the loan term, they are not required.
For more information, watch our informative video and download the flyer. Discover how our 0% Down Conventional loan can make your dream of homeownership a reality.
Qualifying for the 0% Down Conventional Loan
To be eligible for our 0% Down Conventional loan, borrowers must meet specific criteria:
- Income Requirements:
- Borrowers must be at or below 80% of the Area Median Income (AMI) for the property address and meet Home Possible guideline requirements.
- OR:
- At least one borrower must be a first-time homebuyer and meet HomeOne and UWM’s guideline requirements.
- First-Time Homebuyer Definition: A first-time homebuyer is defined as someone who has not had ownership interest in a home in the last three years.
- Credit Score: Borrowers must have a minimum FICO score of 700.
Why Choose McGowan Mortgages?
- Local Expertise and National Reach: Based in Kansas City, we serve clients in 40 different states, providing personalized service and extensive knowledge of local markets.
- Commitment to Your Success: Our team is dedicated to helping you navigate the home buying process, ensuring you understand your options and find the best solution for your needs.
- Innovative Loan Options: We offer a variety of loan programs designed to meet the diverse needs of our clients, including the 0% Down Conventional loan.
Contact McGowan Mortgages Today
Ready to take the next step towards homeownership? McGowan Mortgages is here to help. Contact us today at (816) 631-9687 to learn more about our 0% Down Conventional loan program and how we can assist you in achieving your homeownership goals.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Today's Mortgage Rates
