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Many buyers don't realize how many different loans exist to assist them in
buying homes with little or no money down or with very low monthly payments and
interest rates. Each program has it's own qualifications, and you may not meet
the qualifications for any particular program. CENTURY 21 Keim Realtors has an
exclusive program called the "Home Finder Service" which they use to
help them find the best programs available for their clients. If you're
considering buying a home and would like to find the best mortgage programs
available, call Century 21 Keim at (610) 395-0393.
The most difficult to find loan programs include: (Disclaimer:
Loan programs are fluid and constantly changing. These programs are
available as of the writing of this document and subject to changes as they
occur. Loans are also only available to buyers who qualify for the
program!)
- No Money Down Programs - Many
programs exist with low or no down payments. Several different banks have
versions of CRA Programs (Community Reinvestment Act Programs) with little
or no down. Other loans include a variety of FHA programs, Guaranteed Rural
Housing and Veterans Loans. While these programs allow buyers to purchase a
home with very little money out of pocket by financing the majority of the
price, they often have higher interest rates than other loans. Additionally,
buyers must have decent credit and stable work histories. If a buyer has had
a recent bankruptcy or a poor work history over the last 2 years, the buyer
may have to apply for "B" or "C" lending for people with
Impaired Credit. These loans require much more money down and higher
interest rates. A good rule of thumb is the worse the credit, the more money
the buyer needs up front. Even in higher price ranges, you can
purchase homes with zero down using specialized financing packages
available. Call Century 21 Keim Realtors at 1-800-648-4421 for
options!
- -Low Interest Rate or 1st Time Home
Buyer Loans - Special loans exist for first time home buyers
that allow these qualified buyers to purchase a home at a reduced interest
rate. These include PHFA loans. These loans generally have income
restrictions and strict qualification guidelines.
- -Impaired Credit or Self Employed Programs
- Many buyers with unstable work history or poor credit situations can
purchase a home. The loans typically are at a higher interest rate and often
require a substantial down payment. Some sellers may be willing to hold some
of the down payment as a purchase money mortgage, allowing the buyer to
purchase the home with less money out of pocket at settlement. Often these
higher interest rate loans can be refinanced in 1-3 years by qualified
buyers to bring the rate down.
Please remember that no loan is guaranteed and you must qualify for
any particular loan. For more information, call Century 21 Keim at (610)
395-0393.
Or Prequalify over the phone with no obligation by calling
1-877-846-6969!