apply online: mdangelo.brandmortgage.com
50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
I have cash investors who will finance a low loan amount with no minimum but the rate is near 15%. There's just no money to be made on such low loan amounts. There is no down payment requirement.
However, just like any loan, you'll still have expenses (unless you follow James Dudley's advice).
Inspection: $300 est
Earnest Money: $500 to $1000
Escrow due at closing: $500 to $1500 (depending on month purchased and county)
$100 down program:
Appraisal: Already done
Inspection: Already done (but it was done months ago, so you'll want to do another one)
Earnest money: $500 to $1000
Escrow due at closing: Maybe zero...here's why:
If you use a down payment assistance program, like GA Dream, they dictate the rate and compensation to the loan officer. These programs pay the loan officer half of one percent of the loan amount and the bank cannot charge processing fees. Therefore, usually the bank will take the loan officer's income and cover their fees leaving the loan officer with $100 commission. Down payment is only part of the equation. You still have to pay for the taxes and insurance for the year and it's costly. So, don't think that down payment assistance is going to save you money. It doesn't. The rate is higher and the time frame to close is longer jeopardizing the interest rate's possibility of going up.
If you don't use down payment assistance and buy a HUD repo with $100 down (you pay up to $1000 as earnest money and receive $900 back at closing to cover escrow), then the loan officer can bump the rate up and use the spread of the commission to pay for some of your closing costs. You might actually get most of your money back and then some.
There are many programs that can assist you with down payment, but all require several hoops to jump through including homebuyer classes & financial workshops.
You can purchase a HUD home foreclosure for only $100 down payment without having to do a thing! Give me a call and I will be glad to explain how easy it is to buy a HUD home and why purchasing one of these properties can be a great opportunity for anyone looking for a home.
Right now there are 5 homes available in the Conyers area that are all under $100K. New listings are added every week!
ERA Sunrise Realty
There are a few down payment assistance programs that are available for home purchases in Conyers and other areas of Metro Atlanta
1. The federal down payment assistance program - Matches your contribution (earnest money, appraisal fee, inspection) of up to $1,500 by five (or up to $7500) toward the purchase of any property and is forgiven in five years
2. The Metro Atlanta Down Payment Assistance (Georgia Dream) - Offers up to $10,000 in down payment assistance on the purchase of any property
3. Rockdale County Neighborhood Stabilization Program - Offers $14,500 plus 5% toward closing costs on select properties
Visit channels to the left of the screen at the link below for more information on these programs. If you are not working with an agent, please call me for a free list of homes offering the $14,500 DPA in Rockdale County.
REALTORÂ® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners