I love nothing more than sharing new information with you, and I am so excited to announce a new program to you. This one is different from all the others I have mentioned because this one does not have a “maximum income limit”.
No Down Payment + No Private Mortgage Insurance
- 660 Minimum FICO Credit Score
- Max DTI 43%
- No Maximum Income Limits
- Up to 6% Seller Concessions Allowed
- Purchase price: up to $525k
So what does this mean for you!?
Maybe you are wondering what this mean for you, and how it can allow you to become a homeowner without spending a couple years saving up for a downpayment?
Well what this means if you meet these two requirements:
- Your credit score is 660 or higher and..
- Your debt-to-income ratio is 43% or less (you spend less than 43% of your gross income on revolving credit: future mortgage payment, credit cards, student loans, lines of credit, car loans, etc.)
Plus you must have good and stable job history, then you qualify for this above loan program.
This loan program allows you purchase a home with a 0% down payment, and it goes even farther than that. With an amazing realtor by your side, one who can help you negotiate up to 6% in seller concessions, you can typically buy a house with just earnest money, inspection, and option period money, out of pocket.
Let me paint this picture for you..
If you were to purchase a $250,000 home (example/possible scenario):
- You would put down $2500 as one percent earnest money to open escrow.
- You would pay $200 for a 10-day option period which secures you 10 days to do inspections.
- If the tax rate is 2.9% and your interest rate is 5.25%..
- And you ask for 3.5% closing cost assistance, which is a $8750 closing cost credit from seller.
- You select a 30-year-fixed-rate loan.
- Your cost of home owner's insurance is 1%..
Your monthly payment breakdown would be about:
- $1,380 Principal & Interest
- $604.17 Taxes Before Homestead (This number should almost always be lower.)
- $208.33 Home Owners Insurance
- $2200 Monthly Payment if Rounding Up
Your closing cost breakdown would be about:
- 0% Down
- $8750 Seller Credit
- $4,664.38 Prepaids
- $7,039.86 Closing Costs
- $2375 Check to you at close!
So your up front out of pocket costs would be about:
- $2500 Earnest Money
- $200 Option Check
- $550 Inspection
What you would(not) have to bring with you to close:
- You would walk away from closing with a check for $2375
If you would like to see if you qualify for this loan or if you have any questions about this loan program, please reach out to me. I love nothing more than assisting home buyers in making home ownership a reality.
I hope you found this post beneficial. If you are thinking “what is next?”, I recommend reading a few more blog posts, and then reaching out to me when you area ready. My cell phone number is 832-493-6685, and I love texts and phone calls (I keep my phone on silent when I sleep, so please do not hesitate to reach out.).
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Hugs, Jo.
Thoughtfully written for you by Jordan and the Jo & Co. Team.
We are Waiting for You
If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
Links to check out..
➟ Our YouTube Channel :: http://byjoandco.com/youtube
➟ How do property taxes work in Texas? :: http://byjoandco.com/propertytaxesintexas
➟ Things to do in The Woodlands :: http://byjoandco.com/inthewoodlands
➟ Safest Neighborhoods in Houston :: http://byjoandco.com/safesthouston
➟ Best Neighborhoods in Houston :: http://byjoandco.com/bestneighborhoods
➟ Houston Texas Where to Live :: http://byjoandco.com/houstontexaswheretolive
➟ First Time Texas Home Buyer :: http://byjoandco.com/firsttimetexasbuyer
• Download our Moving to Texas ebook! http://byjoandco.com/movingtotexasebook.
• Download our Where to Live in Houston Texas ebook! http://byjoandco.com/wheretoliveebook.
• Schedule a phone call or appointment with us! http://byjoandco.com/appointment.
• Email us! [email protected].
• Looking for a buyer’s agent? Fill out our buyer questionnaire! http://byjoandco.com/q.
• Ready to find your dream home? Search, http://search.byjoandco.com.
• Subscribe to our YouTube Channel: http://byjoandco.com/youtube.
Visit the Jo & Co. YouTube Channel
At Jo & Co. we know that most people struggle with the home buying or selling experience. We are a brokerage, real people, that do more for you, by being with you every step of the way, so that you plant your roots in the right soil. One way that we go above and beyond is with the content we share on YouTube. Click the photo below to explore our channel.