Are you tired of renting? There are a lot of GREAT deals out there right now with prices lower than most have seen in a lifetime, but how do you buy a house with little or no money down?
Here are very effective and popular ways that everyone is buying right now. First, you need a loan program that allows you the most financing possible. Then, you need to make sure that the loan program allows for the seller to pay for your closing costs.
There are many loan programs out there that work, but here are a few that allow the seller to pay closing costs and also have high LTV (Loan to Value) Financing:
VA Home Loan 100% Financing
This loan is amazing and if you served in the military you should qualify for it (see my other blog posts on VA Home loans). There is no mortgage insurance (extra money paid monthly for a high loan to value) and when applying with David DuBeau at Sterling Savings Bank, he can usually get your eligibility in less than 48 hours!
USDA Rural Home Loan (100% Financing as well)
This is also a great loan and the only restrictions are high income, or that you are not buying in a main city area. Most people do not realize a lot of the Medford, and Central Point areas qualify. In the Rogue Valley (actually all of Southern Oregon) almost all the areas qualify for this loan like Ashland, Eagle Point, White City, Klamath Falls, and on and on. GREAT loan, and also has no mortgage insurance.
FHA Home Loan
This is a great loan if you do not qualify for the others listed and it still lends up to 96.5% of the purchase price. That only leaves a borrower with putting 3.5% down!
There are other options available as well but I wanted to give you the basic structure of how people are doing it. Once you have financing in place your Realtor (Me! Cheryl Malone) can make sure that the contract states the seller will be paying your closing costs. This is easy to do right now because it is a "Buyers Market".
Contact me and we can get the process started and see what loan programs you may qualify for.
Remember, the first step in buying a home is to get pre-qualified on a home loan! Sellers do not like to deal with buyers who might not qualify. There are plenty of different options out there (even other 100% financing options)
SO, IF YOU WANT TO BUY A HOUSE WITH LITTLE OR NO MONEY DOWN... give me a call!
Once you are pre-qualified "We Can Go Shopping!"
Cheryl Malone -Real Estate Broker
Windermere Investors Marketplace
541-951-1960
Other related articles:
www.sellingoregonhomes.blogspot.com
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