Every once in a while, home buyers catch a break and have the opportunity to buy a home at a time where all of the right circumstances happen to line up perfectly. This is one of those times; consider it the solar eclipse of home buying!
Buy a Home with Only One Percent Down
If you’ve been interested in buying a home, now may be your best and only chance. There is a HUGE loophole right now allowing people just like yourself to purchase their dream homes with as little as a 1% down payment. That is NOT a misprint; people are buying $250,000 homes, right now, with only a $2,500 down payment to bring to the table. How, you ask?!
Well, there are certain little-known mortgage programs available to assist low-to-moderate income buyers with purchasing a home. The programs are amazing, but they are normally only available to those that make less than the median income in the area, typically under $58,400 or so per year. The key word there? Normally.
Due to the infamous Hurricane Irma that swept our great state last year, the federal government has granted a temporary relief of the maximum income requirement for the program in much of Florida, citing ‘Disaster Area’ as the reason. So, for a limited time only, any qualified buyer, regardless of income, is eligible for this amazing deal. Again, the relief is only temporary and will most likely be phased out over the next month or two, possibly sooner. That means that there is still a small window of opportunity for those looking to capitalize and secure their future home for only one percent down.
Get the Same Home with a Lower Monthly Payment
The great part is, that aside from a lower down payment requirement, these special mortgage programs also offer reduced mortgage insurance rates and even the option of paying no separate mortgage insurance at all! Mortgage insurance is a requirement for most mortgage loans when less than a 20% down payment is made, and the additional savings from this program can be quite substantial in comparison to a traditional, conventional loan.
Combine that with the fact that mortgage interest rates have been steadily on the rise lately, and you’ll see why now may be your best (and possibly last) chance at affordable homeownership, period.
The Bottom Line
This is the perfect ‘storm’ (pun intended) of factors working together to make buying a home possible, and it’s only available for a very limited time. Don’t get caught standing on the sidelines. You owe it to yourself and your family to take advantage of this once-in-a-lifetime opportunity to own a home for only one percent down.
Interested in learning more and getting locked in ASAP? Just ask your Realtor or click here to get your name on the list and request more information.