Plattsburgh Mortgage News: New York: Plattsburgh

True No Money Down Mortgage with Lender Credit!

Zero Money Down; I stand Corrected


I wanted to know if there was a way that I could do a true No Money Down Mortgage and I found the answer. The answer is a resounding YES!!! That is where a lender credit comes in but of course there is a tradeoff. LNo Money Down Mortgageet me start by saying that here at Plattsburgh Mortgage Company we do not get paid on origination or SRP. We only get paid on volume so there is no benefit for us to charge anything on the back end. I have found a benefit in it for you if you are trying to buy a home, have half way decent credit, but don’t have any money saved for closing costs.

I am writing this post as a follow up to another post that I wrote recently about No Money Down Mortgages. I pointed out in that post that while there are some loan programs that allow 100% financing and 6% seller concessions that there are still going to be some closing costs leftover that you need to take into consideration. I advised that it is a good idea to save a month or two of your current housing expense to cover any additional closing costs not covered by the seller concessions.

This is where I stand corrected. There is an option that exists that allows our borrowers to come to the closing table with truly no money out of pocket, aside from the appraisal (POC). When utilizing a government backed No Money Down mortgage that allows 6% seller concessions, such as VA or USDA, there are usually some closing costs left over that need to be paid at closing. However, in an effort to provide the best products and service to my clients I did some digging, and here is what I found:


We can actually charge SRP on the backend, which does increase the interest rate, and give it back to our borrower as a lender credit. The payment is going to be slightly higher but you will be able to close with No Money Out of Pocket. This is on top of seller concessions and most often will be enough to cover whatever remaining closing costs are left over. So we can do true No Money Down Mortgages here at Plattsburgh Mortgage Company. You will have to bring Zip, Zero, Zilch, and Nada to the closing table by utilizing this option!!!

If you need a true No Money Down Mortgage please contact us to complete an application right away. We are federally chartered so we lend in all 50 states. We can complete an application over the phone, online, or in Zero Money at Closingperson if you are local.

If you are a mortgage professional looking for a way to better serve your client’s and would like to be able to offer a true No Money Down Mortgage please look into this option and see if it is something that your lender will allow.



Thanks for reading and as always comments are not only welcome but Very Much Appreciated as well!!!

Christopher Ohlsen

37 Boynton Ave

(845) 243-5293 (Office)

(518) 565-0799 (Cell)



Comment balloon 4 commentsChristopher Ohlsen • July 23 2014 10:32AM
True No Money Down Mortgage with Lender Credit!
Zero Money Down; I stand Corrected I wanted to know if there was a way that I could do a true No Money Down Mortgage and I found the answer. The answer is a resounding YES!!! That is where a lender credit comes in but of course there… more
Please Do Not Incur Any New Debt During the Loan Process
This May Go without Saying but it does Bear Repeating It is imperative that when you are in the process of obtaining a mortgage loan that you do not incur new debt. It is even better if you don’t even have your credit pulled at all. See the… more
No Money Down DOES NOT Mean No Money Needed for Closing
Late Night Infomercials aside, You’re still going to have to bring some money to the closing table. You may or may not know that there are still NO MONEY DOWN home loans available for some areas under certain circumstances. I… more
Never Lie to Your Loan Officer Because Every Statement is Verified!
Seriously, we verify and document everything! I would never come right out and call someone a liar because that would be bad for business and afterall it could just be a series of miscommunications. The thing about obtaining a mortgage… more
Yes, I Would Lend to a Qualified Elderly Couple
I know that this is Obvious but it bears repeating. A couple of days ago I read a post that asked if you can give a 30 year mortgage to an 85 year old couple The post was popular here on ActiveRain and there were quite a few responses that… more
Old School Stip Chasing for Cancelled Checks
I write some blog posts to share my experiences with other professionals. I write some for the benefit of consumers. It's rare that I write a consumer centric post that also benefits professionals such as this one. I want to share an experience that… more
Double-Wide Financing Does Exist
Double-Wide's have always been notoriously difficult to finance in the past. It is still very difficult to find financing if you are in the market to purchase an existing Double-Wide. There are not a lot of lenders that will finance Double-Wide's… more
Should You Share Your Internet Marketing Strategies?
Why Should You Share Your Marketing Ideas? To answer this question successfully you should ask yourself what you’re doing in the first place… Are you just trying to attract buyers and leave sellers to work with… more