Oh, the good old days. Back when you could breath, and get 100% financing on a home, regardless of verifiable income or credit score.
Those days are gone….almost.
I get a lot of calls from buyers, especially first time home buyers, around Atlanta who have good credit and good income, but do not have money saved for a down payment. What can they do? Just wait?
Not necessarily. There are two good options for 100% financing on a home loan, right here, in Atlanta. And, a third option that I put together with creative ways to come up with the down payment with an FHA Loan.
1. VA Loans: Military personnel and veterans can still do 100% financing for up to $417,000 loan amounts around Atlanta, with a VA Loan. Great financing, easy qualifying.
2. USDA Loans. This is not a piece of Grade A, Top Choice Beef. It is a loan, otherwise known as the rural housing loan. It is actually as 102% loan, if the borrower wants to roll in closing costs. But, it is true to it’s name – only homes with a great grill out back for beef qualify.
Okay, not really, but only homes outside the metro area qualify. And, there are upper income limits. So, if you are buying a home on the outskirts of the metro Atlanta area, call me to see if the property qualifies.
3. If you are financing with an FHA loan, you are probably sad like the rest of us that the Down Payment Assistance programs have gone away (at least for now).
Well, don’t give up. CLICK HERE to go to my article on 26 creative ways to come up with the down payment. Then, click the link in that article to get the document. Okay, too may clicks, so HERE it is. Read through, put your creative side of your brain to work, and maybe we can make an FHA loan work.
I’ll be we can.
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