Who is qualified to be a first time home buyer?
Why do you say "no money down" but expect money at time of closing?
What are closing cost fees & settlement charges?
Who is qualified to be a first time home buyer?
Any person who does not have a current mortgage and has a credit score of at least 580 and have any open judge/liens etc. The person must be employed for at least 24 months and be able to provide verifiable w-2’s tax returns and current pay stubs reflecting 30 days of employment along with current 60 days bank statement.
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Why do you say "no money down" but expect money at time of closing?
Please be advised that “No Money Down” means that typically most banks, mortage brokers and lenders require at least 10%-15% down plus the closing cost charges. When purchasing properties from our company you will never have a down payment but the law requires for each person to pay closing fees.
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What are closing cost fees & settlement charges?
These are the fees involved with the processing of paper work in connection with the loan. There are many people who are apart of processing a loan, such as attorneys, the title company, appraisals, under writers etc. Unfortunately these fees don’t come out of the money that the bank is providing. The buyer must be prepared to handle that cost. Most banks feel that if the buyer doesn’t have an interest in the deal they have nothing to lose therefore they could easily walk away from this with no problem.
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