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How to Say Goodbye to Renting and Hello to Home Ownership – Realty Times

How to Say Goodbye to Renting and Hello to Home Ownership – Realty Times

How to Say Goodbye to Renting and Hello to Home Ownership

via How to Say Goodbye to Renting and Hello to Home Ownership

Specializing in helping clients build rental portfolio's, at Atlas Real Estate Group we like to change the heading to "...Hello to Building Long Term Wealth".

With a clear understanding the money is made when you buy, we use market knowledge to analyze pricing and project cash flow so that our valued clients make informed decisions going in.

From single family to large apartment buildings, our in-house experts have devised a formula to success over the last decade that works and look forward to serving you.

Down Payment Assistance Available

Down Payment Assistance Available

Source: Millennials Flock to Low Down Payment Programs | Keeping Current Matters

Down Payment Required

Studies show many would be home buyers don't take the plunge for a variety of reasons, not the least of which is the amount of down payment required. So by a show of hands, how many think the requirement is 20%?

Congratulations, you're in the majority.

Mortgage Insurance Required Above 80% LTV

Though in existence since the late 1800's, it wasn't until the 1950's that mortgage insurance as we know it came into use. Designed to minimize the lender's risk, mortgages that are more than 80% of a home's value require it. Thus the reason many think 20% is the down payment requirement, it's not.

Low Down Payment Programs

In fact, the majority of owner occupant loan programs require less than 5% down (Conventional). FHA only requires 3.5% down where VA/USDA loans require 0% for a down payment!

Closing Costs and Prepaids

In addition, ALL loans will have closing (title, origination, etc) and prepaid costs (taxes, hazard insurance, interest and other expenses), usually totaling 2% - 3% of the loan amount.

How Much Will YOU Need

Doing the math, a qualified borrower will need anywhere from 2% - 8% of the purchase price to cover the down payment, closing costs and prepaid items discussed, or up to $8,000 on every $100,000.

Down Payment Assistance

With many programs that offer to help with down payment and closing costs up to 4% of the purchase price, the truth is many borrowers will have the ability to buy a home with as little as zero out of pocket costs!

Visit this link to see what down payment assistance you may qualify for! http://bit.ly/2oEm058

So what are you waiting for?! Contact your favorite real estate professional for a no cost, no obligation consultation today!

Turnkey Mortgage and Down Payment Assistance

Turnkey Mortgage and Down Payment Assistance

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Turnkey Mortgage and Down Payment Assistance

Not limited to first time home buyers, the “Turnkey” Mortgage is a competitive 30-year fixed-rate mortgage with a Down Payment Assistance (DPA) Grant (no repayment) equal to 4% of the mortgage amount!

Mortgage Tax Credit

Used jointly with the tax credit feature, qualifying first time home buyers receive an annual federal income tax credit equal to 50% of the annual interest they pay on their mortgage loan!

Qualifications

  • No “recapture tax”
  • Max Income and purchase price limitations
  • Available with various lenders!

Additional Down Payment Assistance Programs

We’ve identified over 25 down payment assistance programs to help new and existing home owners with costs to buy or upgrade the home of their dreams while saving tens of thousands, making the dream of home ownership a reality. Visit our Down Payment Resource page to locate additional programs that may help with your home ownership dreams.

The Axiom Realty Team

Norberto Villanueva is a REALTOR©/District Director for the Axiom Realty Team at Fathom Realty in Colorado Springs. A licensed real estate broker since 2002 and a mortgage loan officer/broker for five years before that, we specialize in residential housing and investment solutions. As a Certified Home Buying Advisor, Norberto is able to help most if not all homeowners with the funding necessary to cover most if not all down payment, closing and prepaid costs.

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