September 10th, 2007 categories: Real Estate News, Mortgage/Finance
With all the talk about mortgage lenders drying up like Grapes in the California sun, it's good to know that programs do still exist where, as long as your credit is pretty healthy, you can buy a house with no money down.
Now, let it be said that I do not advocate buying a home with nothing into the transaction. In fact, just because the program exists doesn't mean it's the right thing for you. Buyers are discovering that it's a good time to bring 3,5, or 10% to put down on a Columbus area home. Still, sometimes it's awfully darn nice if you're realistic about your financial situation and your financial future situation.
For example, My Community Lending is a first time home-buyer program. This program provides 100% financing and allows seller concessions up to 6%. The borrower's income cannot exceed $66,400.00 and they can not own any other real estate at the time of closing. With a 6% seller concession allowed for this program it is possible to come to closing with no money out of pocket.
Ask your mortgage professional if something like this would work for you, then call me and we'll start looking at houses.
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