Sometimes renting can be comfortable. If you get a landlord that takes very good care of their properties and tenants, you may never think of moving. After all, they'll come and fix any issues for you, right? The problem is that you're only building THEIR wealth, not yours.
Have you ever thought ...
- Homeownership isn't for me, it costs too much
- I can't get a home loan because I don't have a down payment
If you sit down and add up all the rent payments you've made, it can be daunting. If you live in a rent house for 3 years, paying $800 / mo, that's $28,800. Let that sink in. In three years you paid enough in rent for a HUGE down payment. Now how much equity do you have in your rental? ZERO. But the landlord is $28,800 closer to paying it off if it isn't already.
Check out this short video to discover why you don't have to have a huge down payment.
Low and No Down Payment Loan Programs
The Harrison Lilly Team has partnered and worked with many lenders to make your home buying experience top-notch. Together we help our clients achieve the dream of home ownership. We have assisted many familes in purchasing homes with little or no down payment. So what exactly does "Low and No Down Payment" mean, and how does it work?
FHA Stands for the Federal Housing Administration. They provide mortgage insurance on loans made by FHA-approved lenders throughout the United States. Before the Federal Housing Administration was inacted, buyers had difficult terms to meet when seeking a mortgage. Often times morgage loans were limited to fifty percent of the property's market value, with a repayment schedule spread over three to five years.
Today, an FHA-approved lender can give out loans requiring only 3.5% down, because FHA will insure the loan, relaxing some of the strict requirements that lenders have.
Rural Development Loans
Similar to FHA, the Single Family Housing Gauranteed Loan Program (better known as Rural Development Loans) assists approved lenders in providing low and moderate income households the opportunity to own a house in eligible rural area.
Rural Development Loans require 0% down
Free Community and Demographic Reports for Monroe
Gain valuable insight into the Monroe LA community by looking at household incomes, education levels, demographic info and more.
The quality of a school can greatly influence home values in an area. Access detailed information on the Monroe School Area, school ratings, test scores, student-teacher ratio and more!
Buying a house with a low down payment in Monroe LA is easier than you think! Contact me if you're ready to give it a try.
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