100% home loan information | Mary Clark - Long Realty Company

There seems to be a little-known government-backed home loan program (and I was told it's been around for about 15 years) out there for home buyers aimed at people who can afford to pay for a mortgage but who have little to no money to put toward a down payment and or have little to no money to pay for closing costs, much less pay for repairs.

Applies to single family residences, town homes, and condos, new manufactured homes
This program also does not charge mortgage insurance, which means a smaller monthly payment.
No maximum limits on seller contributions for closing costs and prepaid expenses (typically this is limited to up to 6%)
Unlimited gift funds to the buyer from ANYONE (not limited to blood family members only)
Closing costs, if not paid by the seller or not gifted to buyer, may be financed
No minimum borrower contributions (buyer can get their earnest money back at closing)
No buyer reserves required (in other words, you do not need to have any monies in savings, but that's not to say that you shouldn't . . .)
Does allow NEW land/home manufactured home packages
There ARE maximum income limitations
There are income credits such as child care costs, tuition, and eldercare costs (which can increase the income limit)
Minimum 580 credit score
Must be post-bankruptcy/foreclosure 3 years with reestablished credit
If you want to buy a foreclosure, or any home, that needs repairs, up to $10,000 or 10% (whichever is lesser) can be financed (as long as property appraises)
There are area restrictions

Between the low interest rates, this program, and the $8,000 new home buyer tax credit (or if you haven't owned a home in the past 3 years), and as I've been saying all along . . .

NOW IS THE TIME TO BUY A HOME!!!

Call me or email for more information, and let's get started!