Zero down mortgages are back

Zero down mortgages

Zero down mortgages are back

Zero down mortgages are back

 

These wonderful mortgages are back and here are the facts about it.

Zero percent Down Purchase is a down payment assistance program that allows borrowers to receive a 3% loan up to $15,000. Borrowers will have no required monthly payment on this second loan, and it does not accrue interest. The second mortgage is due in full as a balloon payment upon refinance unless it is with the company who provides this program…then it simple is part of the refinance. If you sell you simply repay the loan with no interest or penalty.

This is a conventional mortgage for single family homes or condominiums.

The 3% loan has a max of $15,000 which would be a purchase price of $500,000 but you can also buy greater and then and then put down 3% of the different. As an example, a $600,000 purchase would then require you to have a $3,000 down payment.

This wonderful program allows those who are job strong but cash light to buy the home they want and works well for those that want to spend that downpayment monies on home improvements.

Just let me know if you would like information on this zero down mortgage program.

Look for more articles in the future on the state of Minnesota Real Estate. Let Jeff’s over 30 years of real estate experience make the difference for you!

 

Jeff Anderson

The Anderson Team

RE/MAX RESULTS

612-386-8600

www.mnrealestate.com

 

 

 

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