Buy In Santa Clarita With No Money Down!

Everyday, Santa Clarita Realtors and prospective home buyers call asking how to buy a home with little money down. The normal thing in the past has been a FHA home loan Santa Clarita. However, several new options have been used with great success that do not have the high FHA fees involved.When you apply for a home loan mortgage Santa Clarita you want options to consider. No one program fits everyone.

The problem is FHA loans have a 1.75% origination or upfront cost added to the loan. Sure, that fee can be added to the loan but it is a cost and does make your payment higher. Maybe it is only $6-8,000. But can you imaging the interest over 30 years on that. Then, FHA also charges a annual fee. That runs about 0.85%. There is another $3-400 added to the payment.

Fannie 97% LTV Loans

A recent development is Fannie Mae released a program that is like the FHA one featuring a 3% down payment. With mortgage rates Santa Clarita so low, this gets you in with only a 3% down payment plus closing cost. On a $500,000 Santa Clarita mortgage purchase that gets your down payment at about $15,000. Closing cost would be another $3-5,000.

You might also like a 80/10/10. This is where the lender gives you a conventional mortgage for 80% of the purchase price as a 1st. Then a 2nd for 10% of the price. You come in with 10% down. It makes you have 2 mortgage Santa Clarita payments each month but not a bad way to get a great interest rate.

No Down Payment

Our phones ring off the hook on this program as most Santa Clarita mortgage lenders do not offer this program. We do a 97.5% FHA mortgage 1st and a 3% second. That leaves you with only a half of a percent down payment. On a $500,000 new home purchase that is only $2500. But we said…No Money Down.

We offer a Lender credit to you on your new mortgage. The lender credit will offset your 1/2 percent down. You will still have to come in with a bit of cash to make the deal work but as we have shown you, you can buy a home today when you didn’t think you could.

If you are a Vet you can do a VA home loan Santa Clarita with no money down and seniors can do a reverse mortgage Santa Clarita with no monthly payments. But home shoppers out doing open houses Santa Clarita are excited about our no money down programs.

Seller Contribution

If you have chosen an experienced Santa Clarita Realtor you will come to appreciate their experience. Ask them in any offer you make to ask for 3% closing cost contributions from the seller. Sometimes the seller is anxious to sell their property and will approve your request and sometimes the property is in demand and sells quickly with out it.

Home loan interest rates Santa Clarita are low and buyers are out home shopping. Be sure to get a pre-approved home loans Santa Clarita letter from your lender. This needs to have a complete DU Approval attached to it or it is nothing but a piece of paper. The DU approval shows you you are approved thru Fannie Mae’s system and a bit about what it will take to complete the loan.

Most of the home loan mortgage Santa Clarita process can be done online. The lender will need a stack of documents for the approval. Be sure to get them everything they ask for quickly. Dribbling in outdated stuff is the surest way to get delays in getting your new home loan. Good Luck. The Mortgage Consumer team.