There are two big "chunks of money", so to speak, that buyers have to bring to closing when they buy a home: the downpayment, and the closing costs. If you get a zero down home loan, of course that lets you out of the downpayment. However, you always have to pay the closing costs. But wait! Let me tell you a way that I can fix it so you actually don't have to pay closing costs...! What happens is that I can write in the offer for the seller to pay your closing costs. How do you know the seller will pay your closing costs? (You mean, besides the fact that I zealously represent you? :-) ) Because it doesn't really matter to the seller if they pay your costs. All they care about is the bottom line. For example, let's say you want to buy a home listed at $100,000, and you and I are mind-readers, so we know that they will take $97,000. And let's say your closing costs are exactly $2500 (a typical amount, depending on your price range). With me so far? What you and I would do is write an offer for $99,500, and put in the offer that the seller is to pay $2500 towards the buyer's closing costs. That leaves the seller with $97,000. Now, remember this is a very simplistic example, and that we will be negotiating the best price we can for you. But this hopefully gives you some idea of how this part of the process works. That takes care of the closing costs. But what about the downpayment? Well, that's the bad news right now. With the recent upheaval in the markets, almost all of the zero down home loans have gone away. It used to be that you could get "100% Financing" or something called an "80/20 Home Loan". Not any more. However, I can still show you a few options for "zero down". They are: (1) VA - a loan for veterans. (2) Iowa Finance Authority (3) USDA Rural Development (4) NFC (Neighborhood Finance) (5) Finally, the brand new $8,000 Tax Credit is not a zero down home loan. However, email me at mike.davis.50322@gmail.com , and if you work with me as your Buyer Agent, I can show you how to use this program to get the $8,000 before you close on your new home, so that you can use the money for your downpayment! Email me at mike.davis.50322@gmail.com and let's discuss which program is best for you! But you don't have much time, especially if you want to use the $8,000 Tax Credit. Don't lose out on your dream of owning a home. I'm here to help. Mike Davis
Your Buyer Agent ~~~ Questions? Email me at mike.davis.50322@gmail.com |