The amount you have available for a down payment will affect what types of loans for which you can qualify. Down payments typically range from 0 to 20 percent of the sales price for the property. Of course the more money you put down typically the lower your payment will be so it never hurts to have as much money saved up as possible when entering into a real estate sales contract. However, you may qualify to buy a home with a low or no down payment option. Often times finding the right loan program is all about down payment.
*Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend. Not all borrowers will qualify.
WARNING: We document everything these days. Take extra care to document the sources for any monies to be used for the down payment or closing costs.[/col][/row]
Buying a home is an exhilarating yet intricate process. For many, the dream of homeownership can seem daunting due to financial constraints. However, the U.S. Department of Housing and Urban Development (HUD) offers various financing options designed to assist individuals in purchasing HUD-owned homes, making the dream of owning a home more achievable. It is important to have a lender that is up to the challenge of navigating HUD home financing.
These properties are foreclosed homes. The previous owner had taken out an FHA mortgage and didn’t make the payments. Subsequently, these homes were foreclosed on. Often, these homes require repairs, and the utilities can’t be turned on. Frankly, HUD (the seller) doesn’t care – the properties are sold as-is, and HUD will not make any repairs to the home. That’s where things can get hairy if the lender is not equipped to navigate the process.Visit Jeremy's Blog