$1650 Down? To buy a home in Madison Wi?
Yes even now it can be done, buying a home with little money down is possible.
Here is a rundown on a textbook case of a couple buying a home. Making a great choice of home in a very economical amount of time. And getting great financing. Let’s call the couple Holly and Evan.
Holly and Evan came to us as a referral from a very respected source. After a brief phone interview and being approved with our very own lender, they came to our office for step 1 of our 4 step process.
Step 1: We spent 1 and ½ hours going over, the home buying process and answering any questions about the process. Then we discussed their requirements and went online to look for homes for sale in their community using our state of the art home search in Madison wi .
Our guidance is to look at all home on the market and to select 7-10 of the BEST looking homes for sale. The purpose of this Step, is one we have found thru experience as one that really helps any buyer to understand the home buying process and how to effectively buy a home. With this preparation we find buyers understand the buying process and can make a better decision and buy with less stress. We selected a time and date to tour the homes and then we enter Step 2 of the process.
Step 2: is the actual home search. RealEstateguy Team makes tour appointments and we view all the best homes on the market. With Holly and Evan, we encouraged them to make a ranking of their top 3 homes and by the time we had finished the showings there was just 1 home which was interesting.
Step 3: We are not one to exert undue pressure on our clients, Holly and Evan went home to think about it. That evening we learnt that another offer had come in on that home, so with that news they decided to go to our Step 3, the paperwork of an offer. With skill of 20 years, we were able to find the terms and offer price that beat out the other offer and we with the home under contract we started
Step 4: Offer to close. We coordinate our complete team of inspectors, financers, attorneys, warranty company and closers to take the home to contract. This process takes between 3 and 8 weeks.
Our lender, Joe Long is fantastic. He is with Waterstone Mortgage who make available an extensice choice of mortgages. In this case Joe helped Holly and Evan chose a Rural housing loan. This is a zero down loan insured by the government. This program is available in Dane County in smaller communities, so Madison and Sun Prairie are excluded..(there are other programs for these areas).
On a purchase price of $238,000, buyers wrote an earnest money check for $2,000 once the offer was accepted, And they negotiated a credit of $2,000 for financing. So at closing they walked away with a check for $350.
That is an out of pocket cost of $1650, and one very happy couple. Congrats again Holly and Evan. And a shout out to our partner lender, Joe Long at Waterstone Mortgage
Search all area homes for sale Madison Wi Why not take advangtage of low-low interest rates?