Norwest Mortgage's New 'No Money DownSM Plus' Loan Program Offers Downpayment-free Mortgage and Financing for Closing Costs
DES MOINES — March 13, 2000
Potential homeowners can now put aside their fear of up-front mortgage costs with the introduction of Norwest Mortgage's No Money DownSM Plus loan program. This product allows qualified purchasers to finance up to 100 percent of the purchase price of the home with no money down. "Plus," homebuyers can finance up to 3 percent of their closing costs.
"Most often, the biggest reason given for delaying the purchase of a home is the looming down-payment and closing costs," said Cara Heiden, executive vice president, national consumer lending and sales for Norwest Mortgage. "This product really opens the door up to nearly everyone with a desire to own a home, and makes the goal obtainable 'now' rather than 'later' - considering most first-time homebuyers save for months, and even years for the down-payment."
The No Money Down Plus loan program is available for loan amounts up to $325,000 with no minimum loan amount through Norwest Mortgage's retail offices, which includes more than 1,100 mortgage stores and Norwest/Wells Fargo bank locations in all 50 states. Homebuyers have the option of selecting either a 15- or 30-year fixed loan, or an Adjusted Rate Mortgage (ARM), and must have good credit standing.
Heiden said the No Money Down Plus loan program is particularly suited for the younger homebuyer who has strong earning potential but has not yet had the opportunity to acquire assets for use toward a down-payment. This product may also be attractive to homebuyers who prefer to keep their assets in higher-return investments.
Norwest Mortgage said it plans to rollout the No Money Down Plus loan program to its wholesale and correspondent customers within the next 60 days.
For more information about the No Money Down Plus loan program and other mortgage products and services, visit Norwest Mortgage on the Internet at www.wellsfargo.com/mortgage/ , or call 1-800-222-3408 for information on the branch in your area.
Based in Des Moines, Iowa, Norwest Mortgage, Inc., is a subsidiary of Wells Fargo & Company (NYSE: WFC). It is a leading originator and servicer of residential mortgages. With a presence in more than 1,100 mortgage stores and Norwest/Wells Fargo bank locations in all 50 states, Norwest Mortgage operates the leading mortgage lending network in the country. Combined, its retail and wholesale lending operations provide funding for approximately one of every 15 homes financed annually in the United States.