Low rates allow you to maximize buying power. As rates
increase your buying power decreases… now is the time to buy!
When looking to buy a home, especially as a young first time home-buyer potentially just starting out, the words "down payment" can seem a bit daunting. Luckily, being that it is abuyer's market these days, there are loan programs allowing for little to no down payment and seller paid closings costs. Hence, you can get into a home for the costs of a home inspection and an appraisal fee.... which all may cost under $1,000.
USDA, FHA & VA loans are the most common programs allowing for:
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-Minimal down payment or "no down payment"
-Flexible underwriting guidelines and minimal score requirements
-Greatest buying power... aggressive debts to income ratios
-All of these products allow "seller paid closing costs"... which means that the seller pays for all the closing and prepays costs out of their negotiated purchase price
USDA:
-620 minimal score
-100% financing.. NO down payment
-Specific Lending areas
-Seller paid closing cost
-No reserves
-Low monthly mortgage insurance = greater buying power
-Low interest rates
FHA:
-Minimum credit score 580
-Limited Trades lines
-3.5% down payment
-Gift funds allowed for down payment and closing costs
-Seller paid closing costs allowed
-Low interest rates
VA:
-100% financing NO DOWN PAYMENT
-Military Mortgage product
-NO monthly mortgage insurance
-Seller paid closing costs
-Low interest rates
There is just an overview.. with rates being this low, as well as this being a buyers market.. there's no better time, and your money invested than in buying a home... stop renting and start owning.
With further questions about USDA, FHA, and VA loans please feel free to contact me at Dorothy@fundsforhomes.com or 860-833-1083
-Flexible underwriting guidelines and minimal score requirements
-Greatest buying power... aggressive debts to income ratios
-All of these products allow "seller paid closing costs"... which means that the seller pays for all the closing and prepays costs out of their negotiated purchase price
USDA:
-620 minimal score
-100% financing.. NO down payment
-Specific Lending areas
-Seller paid closing cost
-No reserves
-Low monthly mortgage insurance = greater buying power
-Low interest rates
FHA:
-Minimum credit score 580
-Limited Trades lines
-3.5% down payment
-Gift funds allowed for down payment and closing costs
-Seller paid closing costs allowed
-Low interest rates
VA:
-100% financing NO DOWN PAYMENT
-Military Mortgage product
-NO monthly mortgage insurance
-Seller paid closing costs
-Low interest rates
There is just an overview.. with rates being this low, as well as this being a buyers market.. there's no better time, and your money invested than in buying a home... stop renting and start owning.
With further questions about USDA, FHA, and VA loans please feel free to contact me at Dorothy@fundsforhomes.com or 860-833-1083
