Contrary to public opinion, 0 Down mortgages or 100% Financing are still around and in fact are backed by the US government. The timing to become a homeowner couldn't be better than today. This is a FACT.
York, PA -- (ReleaseWire) -- 01/08/2009 -- As we enter 2009, one thing’s becoming very clear, mortgage programs today are nothing like that of the past. With banks and mortgage giants failing all year long, it’s no surprise that a lot of potential homebuyers have been left out in the cold. The biggest cause has most definitely been the new requirements for significant down payments. Gone are the days where you could buy a home with nothing down and just cover closing costs? Or are they?
“$0 Down mortgages and 100% financing are still around” says Mikk Sachar, owner of Armour Mortgage, a York, PA mortgage broker. “Programs available to local homebuyers looking to buy a home with no money down are still available. In fact, the institution providing these loans has about $85 billion worth of loans outstanding”.
According to Sachar, these loans aren’t going anywhere and a select few homebuyers are cashing in before it’s too late. Consumer affairs website reports that about 81% of potential homebuyers are nervous about the prospects of becoming homeowners and as such are sitting on the sidelines. Top 3 barriers to homeownership cited are 1) new down payment requirements, 2) insufficient income and 3) cost of home prices.
Contrary to public opinion, now is a fantastic time to buy a home. Of the 3 barriers to homeownership cited, 2 are null and void as we enter 2009 according to Sachar. “Yes, it’s true that FHA, Fannie Mae, Freddie Mac have all eliminated 100% Financing and now require at least 3% down to buy a home. However, there are still other institutions available that allow 100% Financing. In fact, they’ll even allow financing of some if not all closing costs”. Coupled with the fact home prices have tumbled pretty much all of 2008, the affordability of becoming a homeowner right now has never been better. But only a few are taking advantage. Why?
For more information and a fascinating interview about how you can educate your readers to still buy a home $0 Down, call Mikk Sachar at (717) 578-9601 or visit http://www.ArmourMortgage.com for more information.