Whether it be the quintessential white picket fence or the contemporary home with water views, one thing that likely stands in the way of your dream, is saving for that ever-growing down payment. With the steady increase of single family home prices, the down payment amount rises with every year you wait. We have seen too many people caught in the cycle of paying the high rents in Boston unable to save enough for the initial down payment. Let us help you, and get you into home ownership this year!
Here is an overview of the process;
- Contact a Melcher Real Estate Group(MREG) Agent.
- Attend a meeting with our lender to become pre-approved for the program with a price range.
- Work with your MREG agent to locate a home that fits you and the program.
- Make an offer with your MREG agent.
- Get the financing and close the deal!
Typically, we find the biggest hurdle stopping people from taking the leap from renting to homeownership is the down payment that banks and mortgage companies need to lend buyers the money to make their dreams come true. After careful research we have found a program in which you will not need any money for a down payment nor have a perfect credit score!
There are two options available, here are the basics:
FORGIVABLE DOWN PAYMENT – a down payment assistance loan that is forgivable after 3 years of on-time payments.
REPAYABLE DOWN PAYMENT – a loan repaid at 0% interest over a 10-year period or at a competitive market rate over a 30-year period
There are no first time home buyers restrictions nor geographic location restrictions. A credit score of 620 is needed and you are off and running to buying your new home! Call us to set up your meeting today. It is free and there is no obligation.