With so many people talking about what a good time it is to buy right now, I often also hear that one of the most difficult things for buyers is coming up with a down payment.
Well it's back! A loan program happening right now which is an incredible $500 downpayment ONLY program in which you also get to skip mortgage insurance!
If you bought a $200,000 house, a 3.5% downpayment would be $7000. And your monthly mortgage insurance would be $241/month, or $2900/year! This program would save you $6,500 up front, AND $2900/year!
This bodes well for sellers as well, since it brings into play a lot of good buyers who may have not been able to buy because of a downpayment requirement.
The requirements are as follows:
1) Have a 620 credit score or higher
2) Make below $62,500 per year
3) Be a first-time home buyer
4) Be purchasing the property to live in (not to rent out)
And that is it! If you want more information on this loan program, give me a call or shoot me an email! It's time to stop renting, and starting OWNING!