With the new bill that was signed into law this week, ALL zero down loans will no longer be available as of October 1, 2008. After that date, a minimum down payment of 3.5% will be REQUIRED!
If you were even thinking about making a move into a new home you need to be aware of this new law. In less then 60 days EVERYONE will be required to have a down payment. Many potential homebuyers will be shut out of the market if they do not take advantage of this small remaining time frame.
Many homebuyers are waiting on the sidelines trying to perfectly time the bottom of the market. Unfortunately, it won’t matter to most, as then they will now not have the down payment to qualify for a home now.
On a beginning starter home of only $150,000 the new minimum down payment requirement would be $5,250. On a $250,000 home that minimum down payment requirement would be $8,750!
Most homebuyers do NOT need this down payment now- not until October 1, 2008.
If you were thinking about getting into a new home and don’t want to have to save the money for a down payment, you must contact us immediately! You can right now still get into a home with zero down payment.
But hurry; as of October 1, 2008 this will no longer be an option!
To learn more, contact me at 480-560-7688.
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1 comment:
I heard you were going to be talking to Heather more about this on Saturday and I would like to sit in if possible.
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