Down Payment Assistance Mortgage Loans.
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Down Payment Assistance Loans Houston
How does down payment and closing costs assistance work?
I already know what you are thinking.. this sounds too good to be true! The truth is over the past 2 years lots of home buyers have taken advantage have taken advantage of the program and have saved lots of money. Let me give you an example lets take a $417,000 dollar home and a 3.5% down-payment that will equal $14,595 dollars just for down-payment most lenders have fees associated with the loan and they called these closing costs, normal lenders charge 2 to 3% just for closing costs you may be able to negotiate with the seller to credit back this money, but at the end of the day you come out with $14,595 dollars out of pocket.
Now let me show you an example with down payment assistance and closing costs paid by the seller. Let's take the smae $417,000 dollars the same 3.5% downpayment and the same 2% to 3% closing costs, but the difference is that the downpayment assistance gives you up to $20,470 dollars or 5% for the loan amount or closing costs. More than you can actually need and room to negotiate with the seller on price and closing costs that leaves you with a total out of pocket expense of ZERO!
What is the catch? Well there really is actually no catch once you qualify for the GSFA Platinum program it as SIMPLE AS THAT.
If you would like to know more about this or other programs please contact Amcap Mortgage.