Tips to buying a Pensacola Florida home with little or no money down
There are tons of people out there who'd love to purchase a home but don't have much money saved. Often these people believe that they have no shot at buying a home.
There are actually many ways to buy a home with very little money, possibly even with no money!
Below we're going to discuss some great tips for buying a Pensacola home with very little money. If you're looking for some ideas and ways to buy a home without a boatload of money, the following tips will be very helpful!
1.) Local Grant Programs
Depending on where you're looking to purchase a home will depend on the type of local grant programs that are available. It's a sure bet that in your local area there are some fantastic grants available for buyers, especially first timers.
For example, there are some excellent programs for first time home buyers that are available through the City of Pensacola, Ship Program, Community Enterprise Program, Bond Money and others depending on you.
If you're unsure whether there are or where they are programs available, Call or Text Charles Stallions NOW 850-476-4494 for a free over the phone consultation. Charles can help provide assistance in covering down payment and closing expenses.
2.) Low/No Down Payment Mortgages
Many buyers aren't aware that there are some excellent mortgage products that require as little as 0% down. There are also many products that require a buyer to come up with as little as 3.5% down!
Below we're going to discuss a few of the most popular low or no down payment mortgage products to consider when trying to buy a home with very little money!
- FHA Home Loans - FHA, which stands for Federal Housing Administration, is one of the most popular mortgage products for buyers who have very little money saved. The FHA loan allows a buyer to contribute as little as a 3.5% down payment. FHA home loans also offer some fantastic mortgage interest rates as well.
- VA Home Loans - Another fantastic mortgage product for buyers with very little money saved is the VA mortgage. VA mortgages offer mortgages that allow a buyer to finance 100%. The VA loan also allows buyers to get assistance with covering the closing costs from a seller.
- USDA Home Loans - If you're thinking about buying a home above 10 mile road corridor, Pace Florida or anywhere in Gulf Breeze Florida outside of proper. Administered by the United States Department of Agriculture, this mortgage product again allows a buyer to finance 100%! The USDA home loan does have restrictions as to where a home has to be located in order to be eligible. Call or Text Charles Stallions 850-476-4494 to find out if the area you're looking to buy a home in is eligible!
3.) Ask For Seller Concessions
Last but certainly not least, another fantastic tip for buying a home with very little money is to consider requesting seller concessions when negotiating for a home.
Seller concessions, which are also referred to as closing cost credits, a seller concession can be simply explained as a monetary contribution from a home seller to the potential buyer that helps cover their closing costs and down payment.
Depending on the type of mortgage product a buyer is obtaining will determine the amount they can receive in closing cost credits. For example, FHA home loans allow a buyer to receive up to 6% of the purchase price.
It's important when buying a home with very little money available that you understand exactly how much you can get in seller concessions. Also, keep in mind that as you're attempting to negotiate for seller concessions that a seller isn't required to agree to providing them.
If a seller is willing to contribute towards a buyers closing costs, they need to understand they may need to offer more than the asking price to help offset the concession they're making.
Final Thoughts
One of the most important thing to keep in mind when attempting to buy a home with very little money is that it CAN be done. Having an experienced real estate professional like me can make all the difference. We have owner finance properties, rent to own and lease to own with as little as $2500. down.
For nearly 22 years, working as a Pensacola Florida real estate agent, I've helped dozens of home buyers purchase a home with very little money available. Buying a home with very little money definitely takes some creativity but with the proper guidance, again, it CAN be done!
THOUSANDS OF HOMES.... One Address www.charlesstallions.com
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We Charge a flat fee (Fair Fee) of $2995 to sell your home. We use our 27 step Home Marketing System designed to sell your home faster, for more money while saving you as much as 50% or more over traditional real estate fees Call or Text Charles Stallions NOW 850-476-4494 for a 5 Minute free over the phone evaluation or Email: charles@charlesstallions.com for a complete package to review, no high-pressure sales pitch or obligations.
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