Home > Blogs > California > Alameda County > Oakland > How to get in a home with only .5% down TOTAL That's $2000 on a $400,000 home!
141,838 views

The Straight Truth

By Jennifer Beeston @ Guaranteed Rate Mortgage

By Jennifer Beeston | Mortgage Broker
or Lender in California

How to get in a home with only .5% down TOTAL That's $2000 on a $400,000 home!

Have you seen the articles on great bargain hunters who combine coupons to get their groceries for almost free? Well, that does not just apply to groceries anymore.  By combining special offers with certain loan products and incentives you can actually buy a $400,000 home with only $2000 at closing.  Yes, you can get into a $400,000 house for 2k. That is less than a rental deposit. 

Why and How:
When you buy a home you have two main costs that come into play that determine how much cash you will need to bring to the table. 
1) Downpayment
2) Closing costs

On a $400,000 house the lowest figures generally look like below
1) Downpayment: $14,000
2) Closing costs: $10,000+
Total needed from you $24,000+!

By being a savvy shopper it can look like below
1) Downpayment $2000 (CHF platinum program is a grant(free money) that will cover other 12K)
2) Closing costs $0 (Buy a Fannie Mae home and they are offering to cover 3.5% of closing costs (14k more free money).  Or if it is not a Fannie Mae property many other sellers are willing to give a credit towards closing costs.  You would be surprised what you can get just by asking.
Total needed from you $2000

For more info on CHF platinum or Fannie Mae's incentives check out the links to prior blogs I did on these programs. You can always email or call us to qualify. jready@mmcdcorp.com

CHf Platinum Program

Fannie Mae covers closing costs

Happy House Hunting!
Jennifer Ready
www.Readybell.com

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer