| Learn How To Buy A Home With A No Money Down Mortgage |
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Many people today would love to purchase a Home in this incredible Buyers Market but they think they need tens of thousands of dollars for a down payment. This is simply not true. A littel known government program allows any buyer to own their dream home with absolutely Zero Down Payment.
Many people today would love to purchase a Home in this incredible Buyers Market but they think they need tens of thousands of dollars for a down payment. This is simply not true. A littel known government program allows any buyer to own their dream home with absolutely Zero Down Payment. The following is a process to step you through the bascis of buying with absolutely no money out of pocket. This government program is approved by HUD and completely RESPA compliant. Find an FHA/VA approved Mortgage Planner that specializes in working with a DPA. A DPA is a down payment assistance program. One of the more popular DPA's is the Nehemiah program. Nehemiah has assisted in funding over 275,000 real estate transactions since 1998 and is completely HUD approved and RESPA compliant. Get pre-approved for a DPA with a certified specialist. Credit need not be perfect to qualify. In fact, a score as low as 550 is acceptable for some FHA financing. The most important aspect of qualifying for the program is income verification. This program is for any buyer (first time or otherwise) of an owner occupied residence. Begin your home search. FHA limits have been raised to as much as $729,000 in some areas such as Los Angeles county. However, most areas go up as high as $423,000. For many areas $423,000 buys much more than a starter home in todays market which makes home shopping a snap. Now it's time to negotiate with the seller. The seller will be contributing the entire down payment to you through Nehemiah (or other DPA) and give you a credit for closing costs as well. This will require their cooperation. You will be asking for a contribution of between 7-12% so your offer should be closer to the listing price of the house. Due to market conditions sellers are more flexible than ever. They are primarily concerned with how much they are going to net (or walk away with) so negotiate with that in mind. Make application for a mortgage with a DPA specialist. Make sure that you choose someone that has experience working with the FHA and especially a DPA. This is not the time to risk working with an inexperienced "loan officer". You will lose valuable time and perhaps the deal as well. The items that you will be required to have on hand are as follows. You will have to provide your last 2 years of W-2's or your tax returns if you are self-employed. Have available your most recent pay stub and the last 3 months of bank statements. If you are currently a tenant renting a property you will also need your last 12 months of cancelled checks or a verification from the property management company. Go to closing and be AMAZED! The closing is not a time to fret and be worried. The closing is the finsh line - the CELEBRATION! If your Mortgage Consultant has done their job then all questions will have been answered. I've seen individuals walk away from closing with a 5.75% 30 year fixed rate mortgage, a few hundred dollars back to them and a new HOME! You can do it too. Don't let the greatest buying opportunity of our generation go by. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. If you are looking to Buy a Home then check out Crown Financial Solutions' Complete FREE report on Attaining your Dream Home with a Zero Down Mortgage or for up to date Mortgage info visit my Mortgage Blog |