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Answers (8)
- Kim Bregman, "optimaproperties"
- Contributions:31
100% Financing IS available again. USDA is offering 100%, no PMI loans in rural areas as well. Income verification is required and there is a stringent loan application process that you need to go through to obtain this type of financing.
- Anthony Saunchez
- Contributions:372
Check with your city. Some cities still have funds available for downpayment assistance, this will enable you to purchase with little or zero down.
- Drew Ludlow, "DrewLudlow"
- Contributions:505
Regardless of whether or not there is a program for which you qualify for 100% financing... one should never buy a home unless they have at least 6 months cash reserves (what if you lose your job?) and a slush fund for emergency repairs. Homes break all the time.
I have seen too many people try to purchase when they can't even afford a fridge to put inside the home.
I am sure this is not the case with you, but please make sure that you exercise responsibility when deciding to purchase a home.
I have seen too many people try to purchase when they can't even afford a fridge to put inside the home.
I am sure this is not the case with you, but please make sure that you exercise responsibility when deciding to purchase a home.
- Darrell Self, "Darrell Self"
- Contributions:349
It does depend on the state, your city and or county sometimes have options that allow you to get into a home with a smaller out of pocket expense. You want to talk with a knowleable mortgage banker or broker and look for agents that are certified affordable housing agents in your area as a resource also.
- JoAnna Jensen, "realestateadvocate"
- Contributions:78
Hi Joe,
I think this is a good tool to consider.
could be used for the previous home owner who just short sold their home typically because of decreased income.
If they buy or assume a loan that can currently afford may be an excellent idea.
May even work for a current homeowner who is delinquent. I believe the buyer could come in and cure the default. If the loan is assumable it may save everyone. they may take it on like a wrap loan as long as the new buyer pays the lender directly and both parties get timely notice of payment definatly better than short sale or foreclosure.
If allowed by lender of course. If disclosed they may be fine with it as long as the new owenr can afford the payments.
I think this is a good tool to consider.
could be used for the previous home owner who just short sold their home typically because of decreased income.
If they buy or assume a loan that can currently afford may be an excellent idea.
May even work for a current homeowner who is delinquent. I believe the buyer could come in and cure the default. If the loan is assumable it may save everyone. they may take it on like a wrap loan as long as the new buyer pays the lender directly and both parties get timely notice of payment definatly better than short sale or foreclosure.
If allowed by lender of course. If disclosed they may be fine with it as long as the new owenr can afford the payments.
- Linda Rozales, "Lrozales"
- Contributions:245
Check out the CALHFA website: http://www.calhfa.ca.gov/
- Joe Homs, "The Homs Team"
- Contributions:225
TAKE OVER PAYMENTS
Is this the real estate market of the near future? I ran across a property the other day that you could literally and legally take over the payments of the loan. The property in question is worth, in my opinion, about $225,000. There is a first FHA loan on the property for $250,000 and is assumable with a $250.00 fee to the bank. I have proposed to the owner that he sell my client the home for $225,000, paying down the current loan to that amount and the normal escrow and commission charges. YES, he will need to bring some money into escrow and YES he will need to pay $25,000 to bring down the loan balance, but that saves his credit! He also, I was told by the other agent, that he makes about $150,000 a year and might just rent it out? He can rent it out for about $1400 a month and his payments PITIA are about $2600 a month. A $1200 a month cash flow NEGATIVE. Not a great plan to rent it out.
Is this the real estate market of the future? Well, if someone purchases the same home at $225,000 and is an FHA buyer with a loan of $217,000 @ 4.5% interest. If the value of this home only appreciates 5% over three years this home is NOT worth much more than the current loan. I think that a new buyer can come in with assuming the existing loan and putting down the difference in price or even have the seller take back a second. I see this to be the next wave of selling your home quickly. What do you think?
- Enrique Tejera, "DockEstates"
- Contributions:243
It is difficult but there are a few ways. Programs vary from state to state so best to ask a local mortgage broker.
Gift programs for down payments also exist. For example:
http://www.womens-finance.com/mortgage/giftprograms.shtml
Hope this helps
Gift programs for down payments also exist. For example:
http://www.womens-finance.com/mortgage/giftprograms.shtml
Hope this helps
Is it true that sometimes a home can be purchased without a down payment?
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