First Time Home Buyers Low To No Down Payment Options Are Out There

First Time Home Buyers Low To No Down Payment Options Are Out There

Image titleI grabbed a cup of coffee with one of my preferred lenders this afternoon and he shared with me some possible avenues for First Time Buyers struggling to save up a down payment fast enough. 

Most buyers are aware that 3% and 5% down payment options are common out there, but did you know that there are options that potentially require even less cash down?

One program we discussed today is a conventional 30-year fixed program requiring the Buyer to put just 1% down. The Lender contributes 2% to the down payment and the buyer ends up with 3% equity at closing right out of the gate! This option is also available with no monthly Mortgage Insurance. If we manage to negotiate seller paid closing costs, there is very little out of pocket expense to get you out of that rental and into a home of your own! 

Family willing to help you out with a down payment? Well, there is a program potentially available that enables you to use gift funds for the entire down payment. That means that there is no minimum borrower contribution required on a 97% Loan to Value Conventional Mortgage. 

Dream of a home in the country? As long as the property is in an eligible area and you meet the income requirement, you could potentially qualify for 100% financing through a USDA loan! 

Other programs designed to assist with down payment and closing costs include the CalPLUS with Zip, the MyHome Assistance Program and the Extra Credit Teacher Home Purchase Program. 

So what are you waiting for? Let's arrange a consultation with a lender today and explore all the options you might qualify for.

Your dream of home ownership may be more accessible than you think! 

Dorian Kisch is a REALTOR® with RE/MAX Parkside in Paso Robles, California. Dorian is certified by the California Association of Realtors as a First Time Buyer Specialist and loves helping people plan for and attain the dream of home ownership. In addition to First Time Buyers, Dorian is passionate about helping clients transition though downsizing or any other real estate process requiring additional empathy, sensitivity and emotional intelligence.

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Phone: 805-712-4436
Dated: February 21st 2017
Views: 126
About Dorian: I’ve always known that I wanted to use my business acumen, experience and abilities to help famili...

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