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"As a first-time homebuyer, I was nervous about the entire process. Step by step, Joe made it easy and fun. His expertise in the Columbus real estate market is a tremendous asset. He is highly recommended!" - Nicolette Horan
"I wanted to say thank you again, so much, for all your hard work. I know that you really put a lot of time into this transaction and I really, really appreciate it. I'm so happy I got the house and it all worked out and I just wanted to say thanks again, you did a great job and i really appreciate it. I will put that on the survey when they send it to me.
If there is ever anything I can do for you, please don't hesitate to give me a call. I will refer every single person I know to you. I'm going to go get my dog and we're going to sit on the floor of our new house and have a glass of champaign. Thanks a lot Joe" -- Michael Mamp
Can a first time Columbus Real Estate buyer get 100% financing?
September 10th, 2007 categories: Mortgage/Finance, Real Estate News
With all the talk about mortgage lenders drying up like Grapes in the California sun, it’s good to know that programs do still exist where, as long as your credit is pretty healthy, you can buy a house with no money down.
Now, let it be said that I do not advocate buying a home with nothing into the transaction. In fact, just because the program exists doesn’t mean it’s the right thing for you. Buyers are discovering that it’s a good time to bring 3,5, or 10% to put down on a Columbus area home. Still, sometimes it’s awfully darn nice if you’re realistic about your financial situation and your financial future situation.
For example, My Community Lending is a first time home-buyer program. This program provides 100% financing and allows seller concessions up to 6%. The borrower’s income cannot exceed $66,400.00 and they can not own any other real estate at the time of closing. With a 6% seller concession allowed for this program it is possible to come to closing with no money out of pocket.
Ask your mortgage professional if something like this would work for you, then call me and we’ll start looking at houses.
Chris
September 10th, 2007
Joe-
100% financing is touchy, isn’t it.
I don’t **ever* advocate buying a home if the absolute only way you can do it is zero cash to close (oh, and can you include the appraisal-inspection-homeowner’s insurance in the loan amount).
But, man, you gotta talk to a financial planner and consider your options. If you’ve got some assets, but you qualify for my community/fha/flex…
…why not? If you have cash after closing, that 5,000 or 6,000 is going to be more security than the $60 per month payment difference.
Also, 6% seller concessions is a little nuts, especially when it only buys you a slightly lower rate, but makes you owe that much more on the home. It is not QUITE impossible to have 6% concessions and be acting in the buyer’s best interests, but it’s close.
Christina Ringley
September 11th, 2007
Nice photo!