- Low & No Down Payment Programs

It is the dream of everyone to own their own home. Many potential home buyers have the income and credit to qualify for a mortgage. However, many of them lack the one essential ingredient to make homeownership a reality; the up-front money needed for down payment and closing costs.

Gone are the days when the home buyers needed to scrape together 20 percent of the home's purchase price for a down payment. Today, the average buyer puts less than 6 percent down at the time of closing, according to figures compiled by the National Association of Realtors®.

HOW?
There are MANY different programs designed to put you in a home with little or no out of pocket costs. Some allow you to buy a home with NO Down Payment, PLUS allow you to finance most, if not all, of your closing costs in one loan at great interest rates! Some allow for as little as $500.00 out of pocket costs. Some allow your down payment (as little as 2.5%) to be a GIFT (from a relative, friend, employer, or community program), to be financed, or even borrowed.

We even have programs in which your closing costs can be borrowed from a "First-time homebuyers" programs, like Neighborhood Gold, listed below!

Our Neighborhood Gold ™ program is a bona fide gift to homebuyers. It covers down payment and closing costs. There is no obligation to the homebuyer to ever pay it back! In addition, grants provided by Neighborhood Gold™ feature exclusive mortgage payment protection, which protects both lenders and home buyers in the event the primary wage earner loses his/her job. This grant program is typically combined with an FHA, 3% down loan, and is automatically granted if you are approved for FHA financing.

Are you a Vet? VA loans are a great deal for veterans. No down payment required!

LOW DOWN PROGRAMS
FHA is probably the most popular minimum down, easy to qualify program. FHA programs allow for "down payments" of only 2.25%, but because of closing costs, they want you to contribute a minimum of 3% into the deal. The seller can (and usually does) pay the remaining costs. The best part is that the entire 3% can be a GIFT! Marginal credit is accepted. There are income and loan amount limits. The seven county metro area allows for loans up to $218,405 (as of 2003). Combine an FHA loan with our Neighborhood Gold™ program equals no out-of-pocket cost home buying. It doesn't get any easier!

THE BOTTOM LINE
Whatever your situation, if you want to buy a home, we probably have a program that will work for you. Call us to discuss your options. There are no costs or obligations, plus we'll give you a FREE credit report. You'll never know if you don't call, so call right now!

Credit not so perfect? We have programs for you too! Click HERE for details

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