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]
HUD homes are foreclosed homes. They are homes that the previous owner took out a FHA loan and were subsequently foreclosed on. HUD/FHA then takes those homes and resells them. Not only are HUD homes listed for sale on the local MLS but they are also listed for sale at hudhomestore.com. While many real estate agents and lenders run from them, we run to them! Yes, it is true, HUD homes can pose there own set of challenges when it comes to trying to finance one, but they also have there own set of unique financing options. The following is a presentation on HUD homes. We dive into the nitty gritty. We cover problems that come up and the ways to solve those problems. If you are a buyer looking to finance a HUD home you can apply here. Realtors with questions feel free to call Jeremy at (269) 488-9494.Visit Jeremy's Blog