There are a few very good mortgage loan programs that will allow you to buy your home with low to no money down!! Don't let the lack of money for a large down payment deter you from your dream of owning a home!!
USDA offers a NO MONEY DOWN program!! It is location specific, so not only do YOU have to qualify for a mortgage, the property has to qualify. USDA is a rural loan established originally for farmers, so the property has to be in a location that THEY deem rural. Most of East Taunton qualifies, Berkley, Lakeville, Freetown etc. I work with an EXCELLENT mortgage company that specializes in these loans so please contact me for more information and to start the process!!!
There is also an excellent mortgage product for Taunton homes! It is a loan product that requires 3% down, but there is NO monthly PMI, which can save you about $80.00 (or more depending on home price) per month. It is offered by a local bank. Please contact me for more details.
Both of these loan products can be done with the SELLER paying your closing costs!!
Below is a video of the 5 most frequently asked questions that I receive from First Time Homebuyers. Perhaps, after reading all the information above, you have some of the same questions.
Below you will see a mortgage calculator for you to use. It is NOT exact, that is what one of my excellent mortgage people can give you, but it will give you a very close idea of what the monthly payment will be. I also want you to keep in mind that the mortgage interest that you pay as well as the property taxes are TAX DEDUCTIBLE!! What does that mean to you????? It means paying Uncle Sam less money every year!! At the end of the year that could mean taking $10,000, or more, off of your taxable income, which could have you getting $3,000 ++++ MORE back on your tax returns. If you take that $3,000 and divide it by 12 months, it is like taking $250 per month off of your mortgage payment. Soooooo, if you are currently paying $1,500 per month for rent of a single family home, the equivalent home would be about $1,700 per month on a mortgage payment. Well you take the $250 per month that you will get back in your taxes, and your monthly payment ends up being less than the rent!!!!!!
This calculator is designed to let you know what your mortgage payment will be. For some of the numbers you will probably need to make an educated guess (unless you have a specific house in mind) on the taxes and the homeowners insurance. For a $250,000 home a safe guess-timate for property taxes is in the $2,700 a year range so put in 1.08%, for a $300,000 home $3,700 per year is a safe approximate amount so enter 1.38%. Homeowners Insurance will probably be in the $1,200 a year range. On the PMI portion for a 3.5% FHA loan place 0.85% so increase the pre-set from 0.5% to .85% for the cost of the monthly PMI and you will be right about there.
Your Down Payment could cost less than your coffee!
Read about this and other loan programs and / or start the application process here: