Just a few thoughts for consideration. First, buyers must be prepared for some initial out-of-pocket expenses even with zero down payment programs. These include:
â€¢ Earnest Money - Funds put up by the buyer along with a promise to act in good faith
â€¢ Appraisal Fee - Up to $500 paid to the lender to order the appraisal
â€¢ Home Inspection Fee - Optional but highly recommended fee for the home inspection
â€¢ Cushion - Extra funds needed for a variety of reasons (offers greater than value, utilities, etc.)
Now HUD-owned homes are, in theory, $100 down. Unfortunately, inventory scarcity has made buying one for only $100 down very difficult. You'll have to bid over list and bring those and other funds to closing (not exactly $100 down anymore).
The VA (for veterans) and USDA (for rural properties) also offer zero-down programs, but Lilburn is not considered rural. No disrespect intended for my able colleague, but portions of Bethlehem (Gwinnett County) are considered rural and some properties there are available for purchase using a USDA Mortgage just a short drive up Hwy 316.
Some lenders offer the Doctor's loan, often at zero down. You'll have to be a licensed medical doctor and there are other requirements, but you doctors can buy in Lilburn often for zero down.
Finally, please be mindful of the various down payment assistance programs available for eligible borrowers who may be interested in buying in Lilburn. Please visit the link below for more details.
Hope this helps.
Georgia Real Estate Brokers Associate,
Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
USDA is a 100% down loan program, but there are no eligible areas in Gwinnett County.
All other financing options will require a minimum contribution from the borrower.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.