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1% down for the purchase of your home
Manage episode 408114535 series 2979320
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First-time homebuyers put down 1%, and the lender gives you 2% towards the down payment, no strings, and no liens. You have 3% down and now work on getting the seller to pay closing costs of up to 3%.
Working on a loan right now where the purchase price is $238,000, the 1% down is $2,380 the lender is giving $4,760 and the seller is paying 6,000 of closing costs. so the remaining closing costs are 2,000.
The total out-of-pocket for the buyer is 4,380 for this home
How much does it cost to rent after paying first, last, and deposit?
You must be below the median income and a first-time homebuyer
Pretty exciting to put $2,380 for the down payment and $2,000 for closing costs to finally own a home. No second liens just one mortgage at 97%
tune in and learn more at https://www.ddamortgage.com/blog
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