Zero down or 100% financing loans still exist in the Streamwood area.
Most people will say it is not out there, but rest assured it
is!
You have just to know where to find it and how to make it
work.More and more homes are now being financed FHA. There are many great features of an FHA loan, but one of the most important is the flexibility of the 3.5% down payment. It can come from many sources as long as it is documented and structured properly.
Many Down Payment Assistance (DPA) programs have been instituted and approved by FHA to help borrowers achieve their home ownership dream. You may have heard that FHA DPA programs are no longer allowed. This is only partly true. 'Seller Funded' DPA programs like Nehemiah and Ameridream are no longer available, there are still many forms of FHA down payment assistance that are alive and well! Like I've said before, you just have to know where to find them and how to make them work.
I have spent quite a bit of time researching the many different programs and methods of low down payment financing available to my buyers.
Gift Funds
FHA will allow the down payment to come in the form of a gift from a family member, family friend and in some cases an employer. While this option is easy, there is a very specific procedures and documentation required by FHA for the gift funds to be used. A qualified, experienced FHA lender is vital
to your transaction
so that the process is executed smoothly.Community Grant Programs
This is a great secret that I'll let you in on! There are many Community Grant Programs that are already in existence and ready to be utilized now! A Grant is a non-repayable gift that is used for the down payment and in some cases closing costs. Many of these programs are funded by municipalities to promote home ownership in their village. Each program has different qualifications, guidelines and procedures. Some programs assist teachers, police, fire and disabled citizens. Certain Grant Programs do have income restrictions and qualifying restrictions that may or not apply to you. Home inspections must be done and paid for by the buyer directly and any home that was built prior to 1978 must undergo a lead based paint inspection that the village will pay for.
Many programs also might require that the Mortgage Lender and/or Real Estate Agent be registered before they can offer them to their clients on their home purchase. It is important to find a Lender and Agent that have access to all of these programs. This will ensure that you have as many options as possible!
#1 You
#2 Experienced FHA Lender
#3 Experienced Agent like Lyn = New home!
Now you can see that there are still many, many options for 100% financing, Zero Down, Low Down on your next Roselle Area home purchase. With prices low and all the great deals out there, now is a great time to buy!
Let's talk about a 'Game Plan' for you!
Lyn Sims (847)230-7324
at RE/MAX Suburban
I proudly serve and sell
real estate in the Northwest
Suburbs of Chicago.
If you are
thinking about purchasing
or selling your home in the communities of Streamwood,
Bartlett, Schaumburg, Hoffman Estates, Elk
Grove Village, Palatine, Medinah, Itasca, Bloomingdale, Carol
Stream, Hanover Park, Elgin, South Elgin, St. Charles
and
more importantly, want to work with a local area expert, contact me
immediately.
All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
Zero Down, Low Down, 100% financing - 2008 Lyn Sims and TheBlogDog.net
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