Interest Piqued

So, my post on Facebook yesterday got some attention:

 If you've been on the fence about buying a new house, maybe this will help. 4-1 matching funds that you use to make your down payment bigger, loan amount smaller, and you DON'T HAVE TO PAY IT BACK.

I think some people thought I was joking, but some were genuinely curious. Well, I'm not making it up.  My long-time loan officer of choice at Homeowners Mortgage has had this program for the last few years, but not many people know about it.  In the past, it was a program designed for and restricted to 1st time buyers.  This year, there are 3 types of loans: one for 1st timers, one for everyone and one for foreclosure purchases. So, what are we talking about?

Homeowners Mortgage applied for and was awarded grant funds to use as down payment assistance for homebuyers.  It's a 4-1 match up to $5,000, for those who qualify, of course.  Now, let's break this down.  

• If you have $1375, the match provides $5000.  So, you now go into the transaction with $6375. 
• The higher your down payment, the less money you borrow.  
• The less money you borrow, the lower your monthly payment.
• The $6375 can be applied to your down payment, your closing costs and/or your pre-paid items.

YOWZA!

Now, if you've bought a home before, there's still something for you.  You get the same 4-1 match up to $5000, but there are specific "targeted areas" in which you must buy.  In the downtown area, Rosewood is one such area, for example.  All rural areas that qualify for the USDA Rural Housing Financing programs are eligible as well.

 

Lastly, if you choose to buy a foreclosure owned by a bank that is one of the Federal Home Loan banks, you can share in the joy as well.  This program provides the same 4-1 match, but you foreclosure lucky ducks have a maximum of $15,000.  Did you read that carefully?  $15,000.  That's a lot, folks.

 

Now, please note:  I am not the loan officer nor am I the end-all-be-all on financing details.  That's where Kelley comes in.  She and Dottie & I have been working together for many, many years.  Kelley is experienced, she's knowledgeable, she's efficient and she stays on top of her game.  And, she'll be happy to talk to you about your specific circumstances and how these programs may work for you.  Remember, the rates are still at an historic low.  I don't think it can ever be any cheaper to borrow money.  If you want to explore the options and take advantage of the conditions this economy has created, contact me and let's get the conversation started.

 

Oh...did I mention these programs can be combined with the counties' down payment assistance programs?  (Hint: that means even more money could be available to you.)  Call me @ 803/454-3504.