100% Financing is still available in more ways than one…
You’ve been looking around your favorite neighborhood for the last few months. You drive the streets in hopes of the home that has caught your eye to be available for sale. You visit the neighborhood at different times of the day, evening, and weekends to make sure this is a match for your lifestyle.
Then it happens, you find the perfect home but you don’t have $174,000 in cash to buy it.
You remember reading and hearing about banks and lenders aren’t lending money anymore, the low down payment loans are gone and you’ll need at least 20% down. Being quick at math you calculate you’ll need at least $34,800 down and know you don’t have the money.
You remember about a collection account from five years ago to Dr. Iwannacutcha for $190 and think you need a credit score of at least 720 to even but an offer in on the home.
Your co-worker tells you about a special government program called The FHA and it offers a low down payment of 3% (3.50% after January 1, 2009) and he tells you don’t need to have pristene credit to qualify. Once again you quickly calculate $5,220 as your down payment and you think you’ve scored a touchdown since you have at least that much money saved.
Then you think to yourself, I can do this…”I can afford the monthly payment. I have a good stable job and my wages are increasing. I have some debt but nothing out of the ordinary and I don’t always max out my credit cards.”
Then you wonder, is 100% financing still available? The money you’d spend for a down payment could be put to good use in buying furniture and keeping on hand for repairs.
You come across a valuable website chockfull of lending information and you learn there are 100% financing programs still available even in todays market.
As a veteran you can qualify for a VA (short for Veterans Administration) Home Loan, which requires NO Down payment.
The Federal government has a loan program for rural housing areas, such as the Imperial Valley which offers financing up to 100%, however the program has income, area/location and amenity restrictions.
Lastly, the Federal government has a low down payment loan program with 3% down (3.50% down beginning January 1, 2009) and the down payment money can be a gift from a relative, so in essence you’re not putting any of your own money down.
Before you make any decision or take action, you contact your favorite REALTOR(r) to help guide you through the sales and loan process, complete the offer and manage the transaction to ensure you move into your dream home in a timely manner.
If you’ve been looking at the Imperial Valley REO homes for sale website, then you know the variety of properties available to you and perhaps there’s one in your neighbhorhood you want.
Don’t hesitate contact us for more information to help you find your perfect dream at the right price.
ImperialValley REO Team