|
Lehigh Valley Real Estate When You're Ready for Special
Treatment, call: |
|
|
|
Join the Thousands of Home Owners who've Said "Keim Sold Mine!"
Century 21 Keim Realtors
|
!1
Many buyers don't realize how many different loans exist to assist them in buying homes with little or no money down or with very low monthly payments and interest rates. Each program has it's own qualifications, and you may not meet the qualifications for any particular program. Loren & Theresa Keim of CENTURY 21 Keim Realtors have an exclusive program called the "Home Finder Service" which they use to help them find the best programs available for their clients. If you're considering buying a home and would like to find the best mortgage programs available, call Loren & Theresa Keim at (610) 395-0393. The most difficult to find loan programs include: (Disclaimer: Loan programs are fluid and constantly changing. These programs are available as of the writing of this document and subject to changes as they occur. Loans are also only available to buyers who qualify for the program!)
Below are some of the best programs currently available for buyers! Please remember that no loan is guaranteed and you must qualify for any particular loan. For more information, call Loren & Theresa Keim at (610) 395-0393.
Federal Home Administration insured loans allow a buyer to purchase a home with 2.25% down payment and closing costs that range from 5%-8%. (These closing costs figures are a rough estimate and no guarantee of an exact number). Using the FHA program, a Qualified Buyer can purchase a home with as little as 3% of the purchase price out of their own funds at settlement. In order for the buyer to purchase a home with this little out of pocket, the seller must be willing to pay the buyers closing costs up to 6% of the purchase price. That means a $60,000 home can be purchased on a straight FHA mortgage for as little as $1800 cash from the qualified buyer at settlement if the seller is willing to pay all the closing costs. Even better, the 3% of the purchase price, while it cannot be borrowed, can be a gift from a relative (some restrictions do apply). There are a number of restrictions on this program including a maximum purchase price of $124,650. However, FHA often allows some impaired credit, although, the credit must be approved by an FHA insured lender. The property must be in reasonable repair and will be inspected by an FHA appraiser and must meet the guidelines. A "Handyman Special" cannot be purchased through a normal FHA loan. In order to purchase a home through FHA, you can use a maximum of 29% of your income toward the monthly mortgage payment (including taxes, property insurance, mortgage payment, private mortgage insurance and risk premium as required by FHA). Up to 41% of your gross income can be used toward your monthly mortgage payment plus any additional outstanding debt including car loans, student loans, personal loans, alimony, child support, and other monthly obligations. For exact specifications or a Free No Obligation Pre-Approval, please call Loren & Theresa Keim at Century 21 at (610) 395-0393 and they'll be happy to set up a confidential appointment with a mortgage officer for you.
FHA insured financing allows the buyer to purchase a home with as little as 3% of the total purchase price at settlement, if the seller is willing to pay 6% of the purchase price toward the buyers closing costs. This 3% the buyer needs must either be in their account, be a gift from a blood relative, or be a gift from a non-profit organization. The Nehemiah Program allows the buyer to purchase the home for as little as 1% of the purchase price or less because The Nehemiah Program is a charitable organization who provides gift funds for down payment and closing cost assistance to qualified buyers. These gift funds are first donated to Nehemiah from the property Seller. The Nehemiah Program provides Gift Funds through a grant from Nehemiah that covers a large portion of a Qualified Buyer's down payment and closing costs required to purchase a Participating Home. Qualified Buyers purchasing Participating Homes receive a gift of up to three percent (3%) of the contract sales price of the subject property. Participating Home purchases are financed through lenders who participate in loan programs that are eligible for use under The Nehemiah Program. In order for this to work, the Seller must be willing to contribute towards the buyers closing costs on the Purchase Agreement. Additionally, the Seller must be willing to give 4% of the purchase price to Nehemiah. Of this, 1% is kept by Nehemiah for processing and 3% is given back to the buyers in the form of Gift Funds. There are a number of conditions to this gift, including, but not limited to:
For complete instructions in how this program works, please call Loren & Theresa Keim at Century 21 Keim Realtors at (610) 395-0393 and they will be happy to set up an appointment for you to meet with a Nehemiah certified Loan Officer for a no obligation explanation of the program.
The Guaranteed Rural Housing Program Certain areas of the Lehigh Valley are eligible for a 100% financing program called the Guaranteed Rural Housing Program. For exact locations of eligible homes, call Loren & Theresa Keim at Century 21 at (610) 395-0393 and ask for a confidential interview. This loan is basically restricted to more rural areas of the Lehigh Valley and does apply to property in Montgomery County and Berks County. Like the FHA program, the qualifying ratios are 29% of your gross monthly income can be used toward your mortgage payment (including taxes and insurance as well as the mortgage) and up to 41% of your income can be used toward your mortgage payment and any other outstanding monthly obligations (which can include car payments, student loans, personal loans, credit card balances, child support, alimony and other debts). Unlike the FHA program, you don't have to use any of your own funds to purchase. The closing costs associated with the program can be financed (if the appraisal value permits), paid by the seller, paid by the lender or even borrowed (as long as the buyer still qualifies). Limitations on the program include income restrictions as well as a maximum loan amount of $124,650. Income Limits:
For more information, call Loren & Theresa Keim at Century 21 Keim Realtors (610) 395-0393.
Established in 1944 to help World War II veterans achieve the American dream of home ownership, the VA program has become a very popular method of financing. This program offers attractive interest rates, favorable qualifying guidelines and extremely liberal downpayment requirements (no money down, in many cases), and allows the seller to absorb settlement expenses without affecting the veteran's loan amount. Like the FHA, the Veterans Administration is not a lender. The VA guarantees the repayment of a portion of the loan in the event of a default. The VA loan is a complicated formula and series of eligibility requirements. For more information, call Loren & Theresa Keim at Century 21 at (610) 395-0393. They will be happy to set you up for a confidential no obligation interview with a Veterans Loan specialist who can assist you in determining your eligibility and financing options.
One Lehigh Valley lender is providing a new 100% financing loan by offering a 1st loan of 70% of the purchase price and a 2nd loan of 30% of the purchase price to finance the entire property. The seller can pay up to 3% of the purchase price toward the buyer's closing costs. Plus the great news is that the buyer does not have to pay Private Mortgage Insurance because the first mortgage is only 70% loan to value. There are many restrictions on this loan and the buyer must qualify for the program. For more information, call Loren & Theresa Keim of Century 21 at (610) 395-0393. They'll be happy to set up a confidential interview with a loan counselor who will help you determine what loan is best for you!
The HOOP Program allows a buyer to purchase a home with only $1600 total cash. Closing costs can be paid by the seller, or in certain target areas in Allentown, can be paid by the City. The City Down Payment and Closing Cost Assistance program can subsidize down payments and closing costs up to $3500 in target zones. The $3500 loans are 100 percent forgiven if the property remains owner occupied for at least five consecutive years. There are income restrictions:
Pennsylvania has a first time home buyer program with low interest rates. There are income restrictions and buyers must qualify for the program. Because of recent changes to the program, please call Loren & Theresa Keim at Century 21 Keim Realtors at (610) 395-0393 for a confidential interview.
Dreambuilder Mortgage - Fixer Upper Loan This FHA insured program provides one loan to cover both the purchase and rehabilitation of homes. Prospective home buyers can obtain a single, low down payment loan (as with normal FHA loans, as low as 3%), which covers both the purchase price of the home plus $5000 or more in eligible improvements or repairs. The maximum loan is up to 110% of the expected market value of the home. Although this loan can be used anywhere, in special sections of the City of Allentown, City staff members, at no cost to prospective borrowers, prepare cost estimates, assist in bidding the job and selecting contractors. They also inspect all work as it progresses, authorize the release of payments to contractors and conduct the final inspection. For more information on the ultimate low down payment "Fixer Upper" loan, please call Loren & Theresa Keim at Century 21 at (610) 395-0393.
from Twin Rivers Bank Although programs are constantly changing, Twin Rivers is offering a 1st time home buyer program with 100% financing. Restrictions include:
For more information, call Diane Weiss at Century 21 Keim Realtors at (610) 395-0393.
|
