In the most recent housing statistics show that first time home buyers make up over 35% of every buyer. It’s a massive number, and there’s actually more people that want to become first time home buyers, but they’re having a hard time saving for the down payment. There’s programs available called Down Payment Assistance that wants to help people buy a home to come up with a down payment.
People used to think, oh, I make too much money for it. It’s just not the case. Let me walk you through and show you how to buy a home with no down payment. Let’s say you want to buy a home for $750,000. You’re going to get a loan., our first mortgage for $723,000. It’s about 96 and a half percent of the sales price. It’s an FHA loan.
And then there’s a down payment assistance program that’s going to give you 5% of the sales price, $37,000 to help buy this home. And you can have closing costs of around $11,000. You can conceivably buy a home for $750,000 with no money out of your pocket.
Couple notes. You do not have to be a first time home buyer. You do have to have a minimum credit score of 640 and you still have to qualify for the loan. That’s a different video. But here’s the best part. Income $180,000 in Orange County, L.A. County and Riverside. If you make less than $182,000, you may qualify for that down payment assistance. In Ventura County, it’s $207,000. Don’t think that you can’t buy a home if you don’t have a down payment until you at least look into it.
If you have a client, a friend or family member who wants to just find out, can I even qualify for something like that? Reach out to me any time. Have a great day. Thanks.