Myth Buster of the Week: You need a minimum 3.5% down to buy a home:
FALSE! There is a program that allows only .5% down!
That’s right! On a $400,000 loan you only need a $2,000 down payment.
We can even do a no-cost loan on that program, with minimum 620 credit score.
Success Story: Where There’s a Will, There’s a Way
I received a call from a renter this week who wanted to buy the house he had been renting for the past 17 years. The owner needed to sell fast to pay inheritance tax, so the pressure was on.
The renter had been referred to me by his sister who was in a similar situation 15 years ago. He had no money saved and no retirement funds to draw from.
Our solution? We arranged for him to open escrow and put in $500 for the next 4 pay periods. That way he will own the home, and his payment will be $500 higher than his rent, which after tax is about the same as rent.
The seller is happy because the tenant has no qualms of taking the property “as-is,” minimizing the cost of sale; and the Realtor proved that he could think out of the box for a no-pain sale.
Have a homebuyer puzzle? Call me today at 310-218-6855.