$0 Down Financing/No Closing Costs Available in Phoenix & Scottsdale
We wrote a couple of months ago about the fact that Seller Assisted Down Payments were going away effective October 1, 2008 with the passage of the new housing stimulus bill.
Well, one of our lenders found some creative private investors who were willing to put up an initial $10 million to keep $0 down financing available.
The criteria are pretty simple. Obviously you must be able to document your income (no more “stated income” loans like the good ‘ol days), a minimum credit score of 600 - 620 with front and back end ratios of 33%/43%. That means your total monthly mortgage payment cannot be more than 33% of your gross income and all your bills total (including the mortgage payment) cannot be more than 43% of your gross income.
Our lender will also pay your closing costs up to 6%, so you truly can get into a home with no money down!
If you meet the basic criteria, please contact us and we’ll get you started on your way to owning a new home… a place to call your own!
If you would like more information regarding homes in the Phoenix/Scottsdale Metropolitan area, please visit our HouseHangout website.
As always, thanks for “hanging out” with us!