Today I want to tell you about a great, Atlanta-exclusive loan product.
Selling your home? Get a home valuation.
Buying a home? Search the local MLS.
Today I want to talk to you about a great 100% financing loan option. This program is exclusive to Atlanta and allows you to purchase a home for up to $400,000.
So, how do you qualify? First of all, you must have a credit score of at least 620. You also must be purchasing a home within a low-to-moderate census tract. This doesn’t mean you’ll be purchasing a home in a bad part of town. It just means that you will be purchasing in an area like East Atlanta or the West End.
If you were to purchase a $300,000 home in these areas with a conventional loan, your down payment would be $30,000. With this loan product, the minimum initial payment is $500. There is the matter of earnest money, but this can be credited back to you at closing.
Additionally, this loan product does not require private mortgage insurance (or PMI). Ordinarily, PMI is required when a buyer makes a down payment of less than 20%. Skipping out on PMI will save you anywhere from $100 to $300 per month.
You can reference the video above to see a few examples of homes that qualify for this Atlanta-exclusive loan program.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
