HOME LOAN PROGRAMS FOR BUYERS

Dated: 01/20/2014

Views: 1759

Having a down payment is usually something that many First Time Home Buyers need or are interested in learning about.  Having no down payment is the number one reason that many who would like to buy their first new home wait.  But, waiting is not necessary there are loan programs that allow for very small down payments or zero down payment.   If you are an eligible veteran you can take advantage of the VA mortgage program or if you live in a rural area in Missouri there is the USDA/Rural Development mortgage.  The home loan program that most first time home buyers take advantage of is the FHA mortgage, this program has  a minimum down payment requirement of 3.5% of the sale price.  The program has much easier underwriting guidelines than conventional mortgage, allows for the seller of your new home to provide up to 6% of the sells price to pay YOUR closing cost, and usually has better interest rates too!!  Having the seller pay 6% of your closing cost is way more than you will need.

Lets say you are going to buy a 100,000 house. You need 3.5% down to get FHA loan that is 3,500. MHDC is going to give you 3% (3,000.) Yes give!! After 5 years MHDC will forgive the 3% loan. So can you come up with .5% (500.00)??
WHY ARE YOU ALLOWING SOMETHING AS TRIVIAL AS HAVING NO DOWN PAYMENT STOP YOU FROM BUYING YOUR NEW HOME
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Nita Criswell

When Buying or Selling a Home, you want a professional that you can trust. Nita Criswell offers the Commitment, Dedication, and Performance you can count on in today’s ever changing market. Chara....

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