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Author Topic: 0% Down. Check it out!  (Read 2438 times)

Offline pianoman9701

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0% Down. Check it out!
« on: May 17, 2024, 12:44:53 PM »
For first-time homebuyers (at least one buyer who hasn't owned a home within the last three years), I have a lender offering a 3% down payment incentive, up to $15,000 ($500K purchase). It's in the form of a second loan, interest-free, on a 30-year fixed rate mortgage. This is most beneficial to borrowers with a credit score of at least 700 (no income limitations), but can work as low as 620 for low income borrowers (80% or less that average median income for that county). Upon sale of the home or refi, you do have to pay it back. But it's interest free regardless of when that happens. And the second has no effect on your debt-to-income ratio. Please call or PM me for more info.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline pianoman9701

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Re: 0% Down. Check it out!
« Reply #1 on: May 17, 2024, 12:46:42 PM »
Keep in mind that with seller concessions, it would be possible to purchase a home with little or nothing out of pocket.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline Rainier10

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Re: 0% Down. Check it out!
« Reply #2 on: May 17, 2024, 12:48:31 PM »
This seems like a great deal for first time home buyers.
Pain is temporary, achieving the goal is worth it.

I didn't say it would be easy, I said it would be worth it.

Every father should remember that one day his children will follow his example instead of his advice.


The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of HuntWa or the site owner.

Offline pianoman9701

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Re: 0% Down. Check it out!
« Reply #3 on: May 17, 2024, 12:51:26 PM »
It is, especially for those with good credit. For lower credit borrowers, the amount of monthly mortgage insurance is high.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline trophyhunt

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Re: 0% Down. Check it out!
« Reply #4 on: May 17, 2024, 04:34:52 PM »
What about the first time buyers that have a piece of land and need a construction loan?
ďIn common withĒ..... not so much!!

Offline highside74

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Re: 0% Down. Check it out!
« Reply #5 on: May 17, 2024, 05:55:29 PM »
What about the first time buyers that have a piece of land and need a construction loan?

If you own the land or it has equity, that would be considered from the construction loan bank technically as down payment. We had to provide the deed to our property when we did the construction loan. A bank isn't going to loan for a house build without having the deed to the land. They used the value of the land in the loan to value equation. We had zero down. They also would have let us put the improvements made before the construction loan into the construction loan if we wanted the money back. Like water, power etc. We didn't do that but it was offered.

Offline pianoman9701

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Re: 0% Down. Check it out!
« Reply #6 on: May 19, 2024, 08:55:00 AM »
What about the first time buyers that have a piece of land and need a construction loan?

If you own the land or it has equity, that would be considered from the construction loan bank technically as down payment. We had to provide the deed to our property when we did the construction loan. A bank isn't going to loan for a house build without having the deed to the land. They used the value of the land in the loan to value equation. We had zero down. They also would have let us put the improvements made before the construction loan into the construction loan if we wanted the money back. Like water, power etc. We didn't do that but it was offered.

 :yeah: Owning land outright, the land value counts as equity toward a construction loan, or the amount of equity that has been accumulated if you still have a note. So you wouldn't need the 0% down option.

This 0% Down program doesn't include a construction loan. FHA does construction loans, but you need 3.5% down PLUS an upfront mortgage insurance premium (UFMIP) of 1.75%. Our brokerage is currently applying to be able to do down payment assistance in WA. WA is one of two states that controls this program instead of the lender, which complicates the process and requires an additional government staff.

The best 0% down construction loan is VA. We've done several of them. The last closed in 36 days, which is super-fast for a construction loan. Veterans and active duty usually qualify, depending on your discharge status.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline trophyhunt

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Re: 0% Down. Check it out!
« Reply #7 on: May 19, 2024, 09:54:42 AM »
We gave the land my daughter and son in law, itís owned free and clear to them.  Itís worth minimum 150k, 1.25 acres with power, water (well) and septic approval.  They think they need a bunch for a down payment on a construction loan.  My best friend will be the general but heís not a licensed contractor, they think the banks wonít loan money unless heís licensed?
ďIn common withĒ..... not so much!!

Offline highside74

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Re: 0% Down. Check it out!
« Reply #8 on: May 19, 2024, 10:35:45 AM »
We gave the land my daughter and son in law, itís owned free and clear to them.  Itís worth minimum 150k, 1.25 acres with power, water (well) and septic approval.  They think they need a bunch for a down payment on a construction loan.  My best friend will be the general but heís not a licensed contractor, they think the banks wonít loan money unless heís licensed?

I'll pm you.

Offline pianoman9701

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Re: 0% Down. Check it out!
« Reply #9 on: May 19, 2024, 11:40:04 AM »
We gave the land my daughter and son in law, itís owned free and clear to them.  Itís worth minimum 150k, 1.25 acres with power, water (well) and septic approval.  They think they need a bunch for a down payment on a construction loan.  My best friend will be the general but heís not a licensed contractor, they think the banks wonít loan money unless heís licensed?

Regardless of which construction loan you do, the contractor must be licensed and unrelated by blood or employment to the land owner. The must've have also completed at least three similar projects under their license.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline highside74

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Re: 0% Down. Check it out!
« Reply #10 on: May 19, 2024, 12:47:33 PM »
We gave the land my daughter and son in law, itís owned free and clear to them.  Itís worth minimum 150k, 1.25 acres with power, water (well) and septic approval.  They think they need a bunch for a down payment on a construction loan.  My best friend will be the general but heís not a licensed contractor, they think the banks wonít loan money unless heís licensed?

Regardless of which construction loan you do, the contractor must be licensed and unrelated by blood or employment to the land owner. The must've have also completed at least three similar projects under their license.

Not through who we used.

Offline pianoman9701

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Re: 0% Down. Check it out!
« Reply #11 on: May 20, 2024, 10:30:46 AM »
 :tup: Which lender did the loan, if you don't mind me asking? And which type of loan was it - FHA, VA, conventional, Non-QM?
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline highside74

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Re: 0% Down. Check it out!
« Reply #12 on: May 20, 2024, 10:46:50 AM »
:tup: Which lender did the loan, if you don't mind me asking? And which type of loan was it - FHA, VA, conventional, Non-QM?

Washington Federal conventional

Offline pianoman9701

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Re: 0% Down. Check it out!
« Reply #13 on: May 20, 2024, 10:48:26 AM »
That's awesome. I'm glad you got it done.
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman

Offline highside74

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Re: 0% Down. Check it out!
« Reply #14 on: May 20, 2024, 10:59:07 AM »
I didn't want to post Wa fed on your thread. I know this is your profession and I wanted to respect that.

 


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