The biggest challenge that most first time buyers have is coming up with funds for down payment. Today there are several ways to purchase a home with no down payment. In most cases the no down payment loans require you to have credit with a minimal amount of derogatory accounts. If this applies to you then there may be several ways for you to purchase a home.
Gift from non-profit
FHA loans allow down payment assistance to come from a non-profit organization and there are non-profit organizations like Futures that we can use to get the down payment for you. With this program the seller will agree to participate in the Futures program. In doing so, Futures then agrees to gift to you a down payment based on the level of participation by the seller. To use this program we would need to do an FHA loan so the property would need to fall with in the FHA loan limits and guidelines. For more information about Futures you can go to their web site at www.fhap.org.
100% loans
I have 100% loans available either as one loan or as an 80% first mortgage and a 20% second mortgage to avoid the PMI. One of the first requirements to qualify for one of these loans is to have good credit. With good credit and qualifying income, you should be eligible for the !00% loan.
One thing that you will find about 100% loans is that the interest rate will be higher than the regular conventional loan. This is because interest rates are driven by risk and the risk is higher on a 100% loan than on one that has down payment.
With a minimal amount of information I can determine which of these 100% loans you will qualify for and which one would be best for you. Please call me or go to the pre-approval section, complete and e-mail to me so we can determine which is best for you.
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