The times that we are currently working through have been a challenge for many of us. I believe the key to success in this market is knowing your market and products better than anyone else.
They say knowledge is power, but I disagree I believe knowledge is potential power. If you have the knowledge but do not utilize it than it is wasted.
Many Realtors do not know all of the mortgage products available today which could help increase their business significantly. If you know that 100% financing is available you may market this demographic. You may not immediately disqualify someone because they do not have a down payment.
I am going to list some programs for 100% financing below, if you have specific questions regarding the programs or need an immediate pre-qual call me at 386-615-7977.
VA loans for eligible veterans, 100% with the seller paying up to 6% of the buyers closing cost. This is a great 0% down option.
FHA purchases. FHA allows for 97.75% financing, but they allow a grant program for the remaining down payment. Companies such as Ameridream and the Nehimaih program assist with the 2.25% down payment and the seller can also contribute to the buyers closing costs. The 2.25% and closings costs can also be from gift money.
USDA will do 100% financing in Flagler county and west of I-95 in Volusia county.
These loans are document intensive and will take up to 45 days to close. But in the right situation this is great option, but there is limited funds available. Once they use the allotted money the program disappears until next year.
These programs have different borrower qualifications, they must be able to prove their income, no stated loans with these programs.
Many programs change with out notice, so call your lender our broker to make sure they are available at the signing of your contracts.
By: Joe Phillips
America's Mortgage Resource
386-615-7977
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