Buy a House Fast

Buy a Home Fast,  Home Mortgage for No Money Down. In today’s Volatile Economy?

Last time we described a method of obtaining no-money-down financing for a home. We had a lot of comments that, although we assure you it is solid, it sounded a bit too sketchy for a lot of prospective buyers.

Well, our business is selling properties fast. We sell beautifully renovated homes in the Washington DC Metro area; we sell bank-owned, foreclosed properties as well. But we specialize in closing in fewer than 45 days – and we’re still doing it, even in today’s markets.

One of the ways we sell houses fast in Washington, Maryland and Virginia is keeping abreast of the latest and best methods of helping our clients get the financing they need. So here’s another method to get you into a home loan with little or no money down. And it’s offered by a respected regional bank and backed by a Federal Grant!

DC and Maryland Get-Started Program: A Program for First-Time and Return home buyers

Available in Washington DC and the surrounding Maryland Counties, this homeowner encouragement program offers:

Conventional financing – Term: 15 to 30 years

• Owner-occupied only (no second homes or investment properties)
• Low, fixed interest rate (between .375% – .875% below market rates)
• Maximum loan amount of $417,000
• 97% maximum loan-to-value (3% down payment 680 Credit ) but requires only 1% of sales price as the minimum cash contribution from borrower. 100% with Acorn.
• Required credit score of at least 620 95% max Loan to Value (5% down payment)
• Mortgage insurance (MI) required for down payments less than 20% (offered at reduced rate over 1/3 lower than standard MI rates) MI does not apply to Acorn
• Unsecured closing cost loans are available for remaining down payment and settlement costs at the same interest rate as the mortgage loan
• Closing cost loans added to back/bottom debt-to-income ratios
• No minimum or maximum loan amount/up to 10-year repayment schedule
• No separate approval required for the closing-cost loan
• Target qualifying credit ratios of 33/41% up to 45% with compensating factors

The Qualification Guidelines are Easy, Too:

• Borrower(s) income of $79,200 or less (household size of 1 to 4) OR…
• Target property is located in a low-to-moderate income census tract (see the following website to find census tract: www.ffiec.gov/geocode/default.htm )
• Available in all suburban Maryland counties!
• Monthly or bi-weekly payments available-if automatically debited from a checking or savings account will result in an additional .125% off the rate
• Home buyer counseling required for first-time buyers
• Owner-occupied properties only (no second homes or investment properties)
• Cannot have ownership interest in any other properties at time of closing
• Can also be used for refinances (cash-out refinances not allowed)

What a great program. It’s real, and available now to anyone who wants to buy a home fast in Washington DC and suburban Maryland; and you can qualify right now! You can buy a home fast in Maryland and Washington DC for no money down.

Contact us for details. We’ll be glad to help you buy a house fast.<–>

Buy a Home with No Money Down

Yes, no-money-down mortgages are still available.

But let’s make sure we don’t jump in to the very financial situations that caused the present “crisis” in the real estate industry:

1. Determine first what you are willing to pay over time for your property.
2. Remember you will have no equity in the home once you buy it – you start from ground zero.
3. Avoid assuming you can easily make money on your property through the equity gained by its increased value over time – there are no longer any guarantees your house will increase in value.
4. Make sure the house you are buying comfortably meets full appraised value – no over-valued property will do you any financial good in the future if you have to sell quickly.

Okay, so you’ve met these criteria.

There are a few ways you can still obtain a home loan with no money down. Here’s the one we use and recommend. Suspend your disbelief for a minute; this program was launched in February 2006 and has funded hundreds of transactions since then. It was in development for over a year to ensure that it was both legal and compliant. The funding company hired a Washington DC legal firm specializing in mortgage banking to review the program before it went live.

Owners Alliance – A Membership Agreement

There are many details, but the program is simply this: You become a sales representative for a Homeowners’ Alliance. Your job is to sell memberships in that alliance. You sell a membership to the selling homeowner by writing a contract with the seller that offers membership in the Alliance contingent on the sale of the home. The price is whatever your down payment would be plus a small handling fee – typically $300. The contract language is handled by us to assure total compliance.

The proceeds from the membership sale are taken from the proceeds of the house on closing. The Homeowners’ Alliance company pays you a commission on the membership sale – exactly the amount of the cost of membership. This commission, which can be verified by your bank, and which legally can be used for a down payment, becomes the down payment for the loan.

When the transaction closes, all money changes hands, and you are the proud owner of a new home with no money down and a great mortgage to boot.

It’s Real. We Can Offer it To You, Today

Given that Mr. Madoff and Ponzi schemes are currently in the news, this writer was pretty skeptical to say the least. But Express Realty Services is actively writing contracts that feature this very method. It is real. It is legal.

And, it works.

Because you want to buy a house fast and our business is to do just that, call us to see how you can benefit from this and other programs we offer to help you buy a home in 2009.

That way you really still can buy a home with no money down.