There are many would be first timers who would love to buy a home but lack the 3.5% down payment needed. What many first time home buyers don't know is that there are several programs available to help them.
HUD homes only require a $100 Down Payment plus HUD allows for up to 3% of the purchase price be used for your closing costs.
USDA Rural Development Loans
Loans backed by the USDA don't require a down payment. The only kicker is that the home must be in a rural development area. Gardner, Stilwell and Spring Hill in Kansas and Blue Spring and Grain Valley in Missouri. The good thing is that more properties qualify than you think.
The MHDC is a bond fund that gifts down payments in Missouri. They have several programs for first time homebuyers. The MHDC does have income restriction based on family size but is a great program.
If you are down payment challenged let my team of lenders show how to use one of these great program help you become a home owner.
Remember that the $8000 First time home tax credit expires April 30th
Call The Russell Home Team today at 913-681-1383
Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...
Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com or www.SearchjocoHomes.com