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Thursday, February 26, 2015

No Down Payment? No Problem! Home Buying Tips in Atlanta

Worried that you aren't ready to buy a home because you don't have money for a down payment?  Exciting news on the home financing frontier these days.  There are several programs out there for people who want to buy today and they are Fast, Easy and Simple!

Let's start with the basics.  You are currently renting (or living with family) and really would love to move into a house.  You have a job, your credit is okay (more on that later), but you don't have a big balance in your bank account.  Well, there are several programs out there designed to help you out and get you into home ownership with a monthly payment that's most likely the same OR LESS than what you are paying right now in rent.

There are 3 basic types of loans you need to know about:

The first is a VA loan.  If you have served in the military, you can get 100% financing.  That means NO MONEY DOWN.    

The second is an FHA loan.  With this loan, you normally need to put down 3.5% of the price of the home (on a $125,000 home, that's $4,375).  However, with a down payment assistance program, you can get into the home with no money down.  There are grants (think of it like the financial aid programs for college) and other programs you can qualify for that will give or loan you the money you need to buy today. 

Of course, if you are living with a family member that would love to help you out and can afford it, there are also "gift" money programs.

The third loan type is a Conventional loan.  They now have programs with just 3% down, although the qualifications are a little stricter than FHA and VA.

This is just the beginning, but if it sounds good to you, give us a call or drop us a text today and our team of financial wizards can help you turn your dream of buying into reality sooner than you think!

Posted By Chip Morrison At 10:03 AM • Comments (0) Trackbacks (0)
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