$0 Down Loans
Zero Down - Is It The Right Program For You?
The "lure" of putting no money down to buy a home is very enticing to many home buyers - especially 1st time homebuyers that have not saved any money for a down payment.
But for many that select this type of program, a critical element of how to use this loan program is missing: A Plan.
What do we mean by that statement?
When you decide to put no money down on a home, that means you are financing the entire cost of the home into the loan amount. If you go one step further and have the Seller pay all of your closing costs, then you may be using all of the available equity in the home to avoid bringing money to closing.
When you purchase a home at the maximum appraised value in this manner, you have to wait several years before you will have any equity in the home.
Why is that important?
Even though most people think they are going to live in a home for 7 years or more, many times unforeseen circumstances occur that may cause the need to move (change of jobs, relocation, school issues, zoning, etc.).
If you have to move in the first three years or less, the chances are good that you will have very little equity in your home.
Existing homes rarely will sell for the maximum sales price without the Seller paying some closing costs, etc. And, the normal Realtor commission for listing a home for sale is between 5% and 6%.
Q: What if 6% is all the equity you have built up in your home when you need to sell?
This may force you to bring money to closing, instead of using money from your home sale to pay those costs.
Q: But what if you do not have the money needed to bring to closing?
That's an easy but painful answer - you cannot afford to sell your home!
However, if you had a Plan at the beginning of the loan, you would have greater flexibility and options for this type of situation.
That is why it is so important to work with a Loan Specialist that is focused on Helping you - not Selling you on what seems to be a lower rate, or some "new" program that just came along.
The only way we can truly help is to listen, ask you pertinent questions about your needs and goals, and really get an understanding of what events you see coming in the future that could affect your finances.
Without this type of consultation,
your chances of being in the wrong loan program are greatly increased.
Problem is, most loan salespeople that you might call (from an ad in the newspaper, see on the internet, or find at your local bank) don't really take the time to understand what is best for you.
In fact, the majority of loan salespeople you might contact spend about 70% of their time looking for customers and attending seminars about how to "sell" their customers, instead of learning how to serve your needs - present and future.
How We Are Different
Our goal is to really take the time to listen and understand what you need, why you need it, and what future events or circumstances we may need to prepare for when creating your strategy. Then, present you with the options that best fit your needs, and work together to create a Plan that is specific to your personal situation.
Many times we will present our customers with loan strategies and programs they didn't even know were possible, that give them a real control and understanding of how their mortgage will work for them in the years to come.
It's the difference between being an order taker, and being a true consultant for our customer.
Is a Zero Down Loan Really The Best Program For You?
Answering that question takes a true understanding of your current and future needs, as well as some counseling regarding items that may cause you issues with a $0 Down loan under certain circumstances.
This is where working with an experienced Loan Specialist that truly cares about how this loan will affect you and your family's finances becomes very important to you.
We have a wide array of loan programs that allow our borrowers to buy a home for as little as $0 Down, and we take pride in finding which program is best for your personal needs.
Do you need a "Combo Loan", or an "FHA Nehemiah Program", or will it be "Ameridream", or a "Portfolio Loan", or does an "Adjustable Rate" program fit your needs??
It can be very confusing indeed!
That is why we suggest that you let our Loan Specialists walk you through the process, so you don't have to try and become an expert and "stub your toe" trying to find your way through the program jungle. Our mission is to guide you through this maze and use our experience and knowledge, plus our wide range of lending options, to find you the most competitive program and rate for your specific needs.
For More Critical Information About Getting Preapproved
For A Home Loan, You Can:
1. Click Here to fill out our On-Line Pre-Qualification form - and a Loan Specialist will contact you back with the information you need to move forward;
2. Call us at 1-888-562-6200 and speak directly to a Loan Specialist who can help you find the right rate and program for your personal needs.
3. Schedule A Call Back Time for a Loan Specialist to contact you when it is most convenient for you.
4. Take a look at our FREE REPORTS list;
We know that educating you is the best way to serve you, and we are honored to have the opportunity to assist you when you are in need of mortgage financing. Please do not hesitate to use our services to suit your specific needs!
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Churchill Mortgage is an Equal Housing Lender.