Many Prospective Home Buyers Don’t Realize That Zero Down And Low Down Payment Programs Still Exist
June 16, 2008
Despite what you hear in the news, there are several options for prospective home buyers who would like to buy a home with as little cash down as possible. These low down payment programs offer you a way to buy a home with little or no down payment.Â
You may have owned a home before and may be presently renting, or maybe you are a first time homebuyer and needs a way to break into the Fort Lauderdale real estate  market but held back because you thought you required a substantial down payment.
Or you may be in the position where you do not want to liquidate your 401K or other pension, savings account or other financial assets to use as a down payment on a home.
Whatever the reason for your present situation, you want a way to buy a home or condo in the Fort Lauderdale real estate market without having to make a large cash down payment or any down payment at all.
A low or no down payment program may be just the type of mortgage you need. Although no or low down payment programs are available, you are going to have to qualify and document your information.
Here’s what is required to qualify for a low or no down payment mortgage program:
Program Qualifications
1. An excellent credit history
- no recent history of bad debts
- consistent and timely payment of current liabilities
2. Limited liabilities
You will be required to disclose all current liabilities you have in order to determine how much more debt you can carry. (ie. present car loan, credit cards, etc.)
3. At least 3 years of employment stability
You will be required to show proof of employment for the past 3 years, ie. a letter of employment from your employer or financial statements for the past 3 years if self-employed.
4. The financial ability to carry larger monthly payments
Without a down payment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few to several hundred dollars more per month.
Under the Terms of the Program You Can Purchase Many Types of Properties
They include:
- single family homes
- triplexes and duplexes
- condominiums and townhouses
Benefits of a Low Or No Down Payment Program
1. Low or No Down payment
If you are currently renting, why pay your landlord’s mortgage? Why not reap the benefit of building your own equity? Are you renting because you are held back from owning your own home because you think you need a substantial down payment?
The general perception of many would-be-homebuyers and even that of some Realtors is that a substantial down payment is required in order to purchase a home. This is simply not true.
While the recent wave of foreclosure activity has made it quite tough to obtain certain mortgages, these types of programs exist for credit worthy borrowers.
If you can prove that you can qualify and afford a low or no down payment mortgage, there are such financing programs available.
2. Buy a Home Now!
If needing a down payment is keeping you from buying a home or condo here in the Fort Lauderdale real estate market, these types of programs offer you an immediate way to get into the housing market. You don’t have to wait to purchase a home.
If you would like to know more about a low or no down payment mortgage program, or if you are considering purchasing or selling a home in the Fort Lauderdale real estate market, please contact Robin Sing-Cunningham, by submitting the form below or feel free to give me a call at 954-709-7461.
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If you are interested in learning more about buying a home or condo in Fort Lauderdale or anywhere in South Florida; or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
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Robin Sing-Cunningham
robins@robinashley.com
Access USA Realty
Local Fort Lauderdale | South Florida : 954-709-7461
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