Thursday, January 14, 2016 / by Extreme Home Selling Team
Saving for a generous Down Payment is NEVER a Wrong Move. The Savings Account is a Very Good Thing to have for every RIGHT Reason! But here is why you don't need it for Your Down Payment or Closing Costs!!! Use the site downpayment.org to look up your state, county and city. It will give you a dozen sources for Down Payment Assistance that qualify most people. Check out HUD.gov for additional resources! If you have a hankering for a farm or just love the rural life, the USDA offers special financing for rural properties. Some of these are even located in city limits so check the charts and graphs carefully!
Just remember to keep stashing that dough in your savings account because you will need it in the future for maintenance and sudden repairs! Rent-To-Own Opportunities are in place that can assist in securing the home you find today while saving to buy tomorrow! Our National Investor Partner requires a minimum of $3825 to lease! NOT 20 or 30%, just First, Last, Security and an Application Fee! How's THAT for a boost?
Take your time shopping. Don't allow anyone to rush your research process! Figure out what kind of home suits your lifestyle: Condo or single family or small multi-family with income? Small Garden or Large Acreage? Fenced with a Pool or on a Lake? Home Owners Association or Not? Some of your choices may include added fees (Condo, HOA, pool) so you need to consider the upkeep carefully along with the PITI.
You also need to take specific care of your Credit History from now on. Don't open any new credit accounts, pay down existing accounts to 25-30% of the limit, pay more than the Minimum and pay on time!
One of the companies that I've just learned about that's been in business for 30 years is NACA.com. It's a 501c3 company that underwrites mortgages much the way FNMA and FHMC has done for the mortgage industry. Several HUGE Benefits in working with them:
It's a NO Down Payment, NO Closing Cost Loan. The BIG Banks pay it.
Not FICO Score based. They do review your report and ask for explanations.
You can buy down your Interest Rate to ZERO! Yes, you read that right! Potentially, an INTEREST-FREE LOAN!
cut & paste https://www.naca.com/media/1189/10-steps-to-buying.pdf
So you see, you don't always need that 20-30% for a Down Payment...
Put the Experts of the Extreme Home Selling Team to work for YOU!
We know how to get YOU into the HOME you've been dreaming about for years!
ROBERT "CHIP" DEACON, Broker-Associate
Jeff Kaplan, Customer Care Team
Shari Shepard, Team Admin
Laura Dobrin, Realtor - Buyer's Agent
Adding a Little Sharisma to Your Life!