First Time Home Buyers

 

 

Purchasing a home can have many obstacles to cross.  The most difficult of these, is having enough and/or not having money for the down payment.  This is more prevelant, for the First time Home Buyer. 

 

Home Owners may take advantage of whatever (if any) Equity they may have built from years in owning their homes, then use it towards a down payment in a newer/upgrade home. 

First Time Home Buyers have no Equity as a resource; instead they can take advantage of any government grants or even City Assistance Programs, in order to use as their down payment and/or closing cost!

Below is a  comparison with and without a grant on a 95% Conforming Loan.

 

 

Without Grant
Sales Price $250,000
Down Payment $12,500
Closing Cost $8,500
Seller Paid Cost $8,500 -
Grant/Assistance $0
   
Buyer(s) Contribution $14,500
With Grant
Sales Price $250,000
Down Payment $12,500
Closing Cost $8,500
Seller Paid Cost $8,500 -
Grant/Assistance $12,500
   
Buyer(s) Contribution $980

                                                                                                                                                             

30 Year Fixed Rate
Mortgage $1,424*
Taxes $235
Insurance $72
Mortgage Insurance $140
   
 Total Monthly  $1,871
30 Year Fixed Rate
Mortgage $1,204*
Taxes $235
Insurance $72
Mortgage Insurance $120
   
 Total Monthly  $1,630

 

 

If you are a first time home buyer you may qualify for a government grant of $25,000. E-mail me for all the information.     

Benny@CtoSeaRealty.com

*4.778 APR, Rates Subject to Change.  These are only estimates.  Information deemed reliable but not guaranteed.