We do have first time homebuyer money. It is dependent upon on your income. You do not necessarily have to be a first time homebuyer, depending on the area you’re in. If you’re in what they call a “targeted area,” you do not have to be a first-time homebuyer. Targeted areas are primarily the suburban areas of the city. Call me today for different areas to see if you qualify.
However, for the very suburban areas, there is another type of loan available that is 100% financing. It’s through the USDA and you do not have to be a first-time homebuyer, however you do need to have minimal income. I have the lenders ready to offer you this program.
The more people in the family, the larger down payment assistance is available. Your interest rate is fixed over a 33-year loan versus a 30-year loan, again based on your income. It can be as low as 2 or 3 ½ percent. That will not change, but you will have to submit to the home loan authority or USDA periodically. They’ll ask you for income tax returns to substantiate that you’re still at that lower income level.
That’s probably one of the most frequent questions we’re asked. But state bond money is generally available. They seem to come up with bond twice a year. It is first come, first serve. It does run out. So if it does run out, you need to be with myself who is aware of when that bond is coming out. You need to get your name on the list and get in and get it done pretty quickly.
Thanks CindyCheatwood for the article.
Call me today for programs to help you buy a home with little to NO money down.
No comments:
Post a Comment