Probably you've heard reports that zero down home buying is a thing of the past...no so! Zero down loans are still possible in many areas. I have personally closed two real estate transactions in the past two months, here in St George Utah, where my clients have utilized available down payment assistance programs.
Can I use this zero down program on any home in my price range?
No. These programs can only work with some homes. Unfortunately some real estate markets are suffering from property value decline which will likely make the program unavailable. However, despite all of the reports reflecting "national average home decline" some real estate areas are fairing relatively well, some markets are even experiencing appreciation. The real estate market in St George Utah has been doing rather well.
How can I purchase a home with no money?
The trick is to find the right property. You must find a property priced very competitive, one priced a bit below market value (potentially a motivated seller will work). Purchasing the home utilizing the current programs and asking the seller to pay closing and loan expenses will move you in with no out of pocket cost. Such programs available are Ameridream and Nehemiah, which is a down payment assistance program that does not place limits on income, as other City or County programs may impose.
Are you still renting because you do not think you have enough money to own?
Stop paying your landlords mortgage payment and experience the benefits and advantages of your own mortgage. Often times your mortgage can be about the same amount as what you pay for rent! Not to mention with the surplus of inventory and motivated sellers, prices are to the buyers advantage! Act now as these down payment assistance programs are facing litigation, which could result in their discontinuation. Interest rates are low and sellers are motivated due to the inflated inventory. This is a perfect opportunity to own your home at low rates and low prices...even better...with no money down. Be sure to ask your lender if they are familiar with these programs and that they are capable of doing FHA loans.
Paula Smith is a REALTOR in St George Utah. I specialize in residential and investment real estate for St George, Hurricane, Santa Clara, Diamond Valley, Ivins, SunRiver, Washington, and LaVerkin Utah. If you have any Southern Utah real estate questions, or you would like to browse all property listed for sale, visit my St George and Hurricane Utah real estate website at: http://www.stgeorgeutproperty.com/ You can also research current market conditions for the Southern Utah area by visiting my St George News and Information blog
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