Pay Only $100 Down and Receive $1000 Back on Your Next Home Purchase

So you are ready to purchase a home but hate how much you have to come up with for the downpayment.  At minimum you may have to pay 3.5% of the purchase price of the home down and at maximum you have to pay 20% down depending on the lender.   You wish there was an alternative that worked for you since your income will not allow you to qualify for the various low income-restricted down-payment assistance programs (if you think you income will qualify you for the down-payment assistance programs, email places2love@gmail.com and we will send a list of programs that offer down-payment assistance).  Well, there is hope!  There is an option where you only pay $100 down on your loan and you also may receive $1000 back at closing - this is a great option that more and more buyers are taking advantage of and it maybe worth you examining. 

Lease Purchase Tips

As a Buyer, if you are not approved for a mortgage either due to credit or low savings, you can still purchase a home with a lease-purchase agreement.  Usually, the terms of the deal include a lease and an option to buy with part of the rent going toward the downpayment. The forced savings helps buyers amass enough to buy the house in the specified timeframe, usually three to five years.

Need Downpayment or Closing Cost Assistance? Here is a Perfect Match!

Have you ever wished someone would match you dollar for dollar on your savings for your next home purchase?  Well, the Atlanta Federal Home Loan Bank (FHLBank) does something even better.  It matches 5 to 1, meaning if you have saved $1000 towards an home purchase, you can get $5000! 

**UPDATE on $8,000 Tax Credit

As I have recently blogged about,  FHA-approved lenders can now provide short-term bridge loans to first-time borrowers eligible for the $8,000 home buyer tax credit, which allows buyers to use the tax credit at closing and then they just pay back the loan once the refund is received.  But under guidance issued by the Department of Housing and Urban Development late last week, the loans must be on top of — not instead of — the minimum 3.5% down payment normally required on FHA-insured loans.   So that means the $8,000 can go towards repairs required to close and other closing costs or can go towards your principal payment but you still have to come up with the down payment. 

FHA BUYERS - More Details on Using the Tax Credit for Your Downpayment/Closing Costs

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.