One of the biggest obstacles to home ownership is saving enough for the down payment. Buyers may have the income to qualify for a loan but are struggling to save enough for a down payment for an FHA loan or a conventional loan. FHA loans have required a 3.5 % down payment and conventional loans required 10% or more down payment. And both these programs require a monthly payment for mortgage insurance, too.
It looks like a change may be coming from Compass Bank, which has committed 11 BILLION dollars to their Home Ownership Made Easy program. This program provides 100% financing ( with no mortgage insurance requirement) in certain designated areas of Temple. This means that they will be making loans that do not require ANY downpayment from the buyer. All the buyer contributes is $500. The bank and the seller pay ALL your closing costs!
The Meadows at Creekside is located in an area that qualifies for this 100% financing loan. Interest rates are very reasonable, and it will be a 30 year fixed rate loan.. no funny business or strange terms to worry about.
Call us today if you have been thinking of buying a new home but just couldn't come up with a down payment. Jerry Wright Homes will help you get in touch with the lender so you can start your loan application.
The Meadows at Creekside is located off Case Road, near SW H.K. Dodgen Loop.