The most difficult step in purchasing a home today, is saving up money for the closing costs, down payment, and moving costs. Even though one has good credit score and stable income, but owning a home can crushed you down. One of the reasons why home buyers are crushed down, is due to lack of money for the down payment.
However, this is not an issue today since there are lots of programs that grant first time home buyers to avail 100 financing home loans. In this way, your dream of becoming a homeowner will come true.
With 100 financing home loans, homeowners can buy a home without a down payment. This offer can be an advantage to the first time home buyers. The newly fresh graduate students who just land a job and no enough savings can also gain an advantage in this program.
This program does not allow home buyers to bring cash for the down payment during the closing of the loan. You need only to prove that you can afford the repayments. You need also to have available funds for other costs like legal fees, mortgage insurance costs, and statutory charges.
- How does it work?
The zero down payment offered by many government agencies help first time home buyer avail a home. However, not all people can avail this type of loan. There are credit unions that offer mortgages with only 5% down payment but for a single home residence only.
There are lots of advantages when you want to avail the loan and some are written below;
1. Not only intended for 1st time home buyer
2. The appraised value of the closing costs is higher
3. No monthly insurance costs on mortgage
4. Low credit scores are allowed
5. No need of deposit
6. Low mortgage rate
1. No purchase equity
2. Have higher interest rate
- How it could help?
However, through the 100% housing loan program, this helps first time home buyers remove the time of saving and waiting. As soon as possible they can avail a home anytime. Since the prices of the house getting higher, these buyers just grab the opportunity to avail the 100 home financing home loans. However, home buyers just consider this opportunity even though the house is not considered as their dream house. The important thing is that; they have a home of their own and without the annoying landlord who always asking for rent.
Having a home through this program can be a great investment as well. The monthly mortgage payment is considered as the scheduled savings that can build equity. With lots of benefits of owning a home through this program, pretty sure lots of first time home buyers want to avail the program. Imagine that you can own a home with no down payment? Of course, this is a great advantage!
You have to thank the federal government that they grant this loan to first time home buyers since lots of people will be benefited from this program. So, be a homeowner with 100 financing home loans!