How do the "$2,500 Cash out-of-pocket" - and "$0 Down" Loans Work?

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There are THREE basic loans that most renters and home buyers can

qualify for:

 

        1.   $2,500 "Total Cash" FHA 30-Year Fixed rate

        2.   $2,500 "Total Cash" Conventional 30-Year Fixed rate

        3.   $0 Down Conventional loan

 

The easiest loans to qualify for are the FHA (Federal Housing Authority)

loans.  FYI - on a $400,000 loan, you'd need a 3.5% Down Payment - or

$14,000 with a 580+ minimum credit scores. In the middle column on

the chart below, you can see your payments.

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But, with a 640+ credit score, you can qualify for the same FHA loan, but

eliminate MOST of that $14,000 down payment!!

 

1.  The $2,500 "Total Cash" Down FHA 30-year fixed rate loan - is the 'same' basic FHA loan, but you need a 640+ minimum credit score PLUS your annual household gross income must be below $120,100, to qualify for this $2,500 down program. The $120,100 is $10,008 per month income. Please call me at 303-622-5700, and I'll explain this FANTASTIC loan program, saving you $13,000 cash out-of-pocket on a $400,000 home!!

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The monthly payments are listed in the far right column:

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​2.  The $2,500 "Total Cash" Down Conventional 30-year fixed rate loan - yes, only $2,500 down payment!  You'll need a 640+ minimum credit score PLUS your annual household gross income must be below $120,100, which is $10,008/month to qualify for this cool loan. The payments are VERY similar to the FHA loan in column 3, but the mortgage insurance can be $100 less per month.

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3.  The coolest new $0 Down loan is a $0 Down Conventional loan which requires a 700+ fico score and debt-to-income ratios up to 43%. This new loan from offers the standard 3% down payment as an "assistance" or second loan at a slightly higher interest rate.  The 97% fixed rate 30-year first mortgage loan and an interest free second mortgage for up to 3% of the total loan require NO down payment!  The two loans work together to equal 100% financing for your first home. The payments are in column 1 above.

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The term P.I.T.I - is the total house payment with Principle, Interest, Taxes & Insurance.  In the chart above - you would need to ADD in the monthly taxes, insurance, mortgage insurance and HOA - if any.

 

Also - if you choose a loan with a Down Payment - that money can come from your savings, 401k's - or even a 'gift' from your Mom & Dad, Grandma & Grandpa, brother and sisters, or even your employer.

 

It’s very likely we can go out “house shopping” with you only needing about $2,500-$3,500 cash out-of-pocket to close on a beautiful home under $450,000, as I'm typically able to have the Sellers pay your closing costs & loan pre-paids.  I would say that about 80-85% of ALL the home sales I’ve done for renters and first time home buyers SINCE 1999 – this was ALL the money they needed to BUY a home.  Let’s discuss YOUR specific renting/home buying situation right now. Simply call me – and we'll get going turning you into a home OWNER instead!

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Thank you!

 

    Jeff

 

Jeff Boyce

(303) 622-5700

“$100+ Million Personally SOLD/Closed Since 1998”

 

p.s. -  With the 6-10% increases in home prices EVERY YEAR in the Denver Metro area - most nice neighborhoods keep pricing renters out of buying homes!  Quit procrastinating and CALL ME – I’ll help you get finally get “APPROVED” to buy your home - instead of paying your Landlords mortgage loan.

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