Before you look contact a realtor, before you look and any homes, let me give you some loan scenrarios with down payment, out of pocket money and payment.
After reviewing these programs below, please email me at Steve@pro-option.com with the ones you'd like more info about:
1) 100% LTV- VA - pay off debt at closing on a purchases too!
2) 100% LTV- USDA - 12 mo. into Chapter 13 BKâ€¦OK Too!
3) 99% LTV- FHA
4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!
5) 95% LTV- NEW-No PMI!
6) 95% LTV- NEW-CONDO Loan
7) 90% LTV- NEW-No PMI -2nd Home
8) 90% LTV- New-Jumbo w/cc
9) 85% LTV- NEW- No PMI to Super Jumbo
10) 80% LTV- Rental Property
Stated Income Alt Loan programs
11) 80% LTV- to Super Jumbo
12) 80% LTV- FIX nâ€™ FLIP Invest. Prop. â€“ No min. credit!
13) 75% LTV-to Mega Jumbo
14) 75% LTV- Foreign Nationals-to Super Jumbo
15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo
16) 70% LTV- Hard Money to Jumbo
17) Lot Loans / Land Loans Too!
If you buy the home in your name, there is down payment assistance for first time homebuyers, provided that you meet income and other guidelines. This is usually available through the County where the home is.
There are also loans where you can roll the closing costs into the loan, so you need to know which banks can do this for you.
There are also builders who will pay all your closing costs - or can be negotiated into paying them if you have a skillful negotiator working for you.
Be aware that you will have to agree to live in the house a number of years to receive down payment assistance, and you will likely have to attend a class and make application for the program. If you move or sell the house prior to the time, you will have to pay back a portion of the assistance, depending on how long you have lived in the house.
If we can help you with anything else, please let us know.
Sharon H. Alters, GRI
Coldwell Banker Vanguard