What loan is available to you? Here are 9 of them

Let’s talk about some first time homebuyer programs that might be an incredible.
Gift for you and also save you money. My name is Janine Sasso. I’m a local real estate agent in the northwest suburb of Chicago, helping buyers and sellers accomplish their real estate goals. And let’s get into the program. Number one that is most commonly known. This is your FHA loan. And FHA loan is required to have a downpayment of only 3.5%. And you can have the credit score as low as 580. Okay. So that’s definitely a perk for those that are still looking at our credit. We have a little bit of money. This program might be right for you. The next program that might work, depending on where you’re looking at, is the USDA loan. This is a U.S. Department of Agriculture loan, and it only works in rural areas and not all of the rural areas. So there’s some regulations with that. One, your credit score needs to be only at 20 for that program at the current time. Next up, our being a loan. This one is for our service members, for our veterans or for spouses of veterans. What we want to accomplish with that is to simply say thank you for your service, 0% down payment, meaning no money down and it doesn’t have a credit score requirement. This moment is simply amazing if you have the option to utilize it. I want to tell you a little bit about one of my clients and they can use it. Kevin went to the closing table and we were able to get him 20 $500 back at closing. And we also did it for Chelsea. Chelsea walked away with over $200 back in her pocket for purchasing a home with a Z, a loan. Totally. Also. And is it something that you qualify for? Definitely. Check into it. All right.

Now we’re going to get into the loans that are less commonly known, such as the Good Neighbor Next Door program. Okay. The Good Neighbor Next Door program is reserved for firefighters, nurses, teachers, paramedics. And what it actually does is allows them to purchase a home for up to 50% of the purchase price and revitalizing area. Of course, you have to determine if the area qualifies. But if it’s something that interest you and your area that you’re interested in is one of the areas where the loan program works. This is an amazing opportunity. The Good Neighbor Next Door program also has a requirement for when you are needing to be at that home for 36 months. Okay. So this is definitely something we need to commit for the next year. Another one I want to tell you about is the energy efficient program in which you actually get to make improvements to your home and roll the car into the road. Improvements can be it doubling windows, updating heating, cooling, adding insulation to make this more energy efficient would qualify in this program. So if it was really outdated and say, you know what, I don’t have the funds to do it, but I would love to have that done by people living in it. Might be a great option.

Definitely. Check it out. The next one, I talk to you about it a two week alone and this is our we have on our we have home is used for updating the home before you move it you can roll the cost of the space into the entire loan balance and you will have your new mortgage payments. There is also a Native American dialect zone and what it does is they help help Native Americans purchase natural land with 0% down. That’s something to look into if you have security. Fannie Mae and Freddie Mac are two of the largest government owned giants when it comes to the housing market. And they also have great loan programs available. One of them being a 20% down payment program. So even lower than our estimate when we talked about earlier. And then you can also get all the cost assistance if you go on to the home test, first time homebuyer education class.

This is a class to help online. You go through it, you know, what do you do with your very first home? And I think it’s like an online class. You get certified and then they are going to unlock extra savings. How amazing. And we don’t want. Discount any local brands that are perennially available. You may want to talk to your municipalities, to your community bank. Just be careful when it comes to the brand that they’re promising you for the fact that not all of them are forgivable, meaning you have to pay them back. And while they’re not necessarily going to be able to pay them back, if the expectations were they were just given to you and you didn’t have to pay, that will be a rude awakening. So these are very dear leaders. So all in all, a summary is also a nice, amazing program. And if you want to just remember all of them, you can simply download. I’m voting for low maintenance unions, My name is Janine Sasso and I’m a local real estate agent in the northern suburbs of Chicago. And I hope I get to be by your side when you’re ready to purchase all.

Podcast: Play in new window | Download

Subscribe: RSS