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If you don't
think you have enough for a down payment, no problem! Draper and
Kramer Mortgage Corp. offers many programs that address the needs
of home buyers who:
- Have strong
current income, but not a lot of savings
- Prefer to
keep their assets in other investments
- Are first-time
home buyers whose high rents left them strapped for cash
- Have low-to-moderate
incomes and few cash reserves
- Are move-up
buyers looking to buy a larger home without large cash reserves
Even if you've
already built up some savings, there are many sound reasons why
choosing a low/no down payment makes sense. Some of the benefits
of a no down payment strategy:
- Helps to
free up cash for other expenses associated with home buyer, such
as furniture, moving and closing costs.
- Keeps your
assets where they are based on your current investment strategies
or lifestyle expenses (tuition, recreational activities, etc.).
- Start turning
rent payments into equity by letting you buy right away.
Some no down
payment programs include:
- FHA
– Often a great choice in first-time home buyer programs.
- IHDA
– 100% Financing. Requires good credit and has some income
restrictions but great flexibility.
- No
down payment loan - First time home buyer program allows
100% financing.
- Nehemiah
Foundation Program – No down payment program. Standard
FHA underwriting guidelines apply.
- VA
–100% financing including VA Funding Fee. New options to
go above the limits.
- 80/20
–No money down combination program.
- Flex
97 – 97% LTV requires 1% cash. Remaining funds
may be gift/loan with closing costs financed.
- No
Documentation Loan - 95% LTV. Allows borrower with difficult
to verify income or employment to avoid documentation hassles.
Down
payment assistance programs are also available and provide additional
options when purchasing your new home.
The key to finding
the right loan program is to discuss your finances and plans with
a DKMC Mortgage Planner. Whatever your particular situation is,
Draper and Kramer Mortgage Corp. can help you sort out the differences
and make it easier to get the best mortgage for you. For a no obligation
consultation, contact a Mortgage
Planner today.
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