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Sep. 3, 2006 - Zero Down Home Purchase

It's been my experience that many homebuyers aren't stymied by the possible monthly payments as much as by the down payment and closing costs associated with owning a home.  Nearly everyone pays at least something to live where they do - even if they're still at home with their parents - but not everyone has the thousands of dollars needed to move into their first or next home.

Fortunately, several lenders offer zero-down financing programs. With zero-down financing, the full price of the home is financed, leaving the buyer to pay only for closing costs and prepaid items such as termite inspections, professional home inspection and the appraisal.

In addition to loan costs, closing costs also include escrow fees - title insurance, fees charged by the title company, etc. But it's not uncommon in the current Phoenix market for sellers to agree to provide buyers with closing-cost assistance.

Some sellers will accept an offer with the closing cost assistance built in to the offer price while other sellers expect the buyer to raise their offer price before paying for closing costs - in other words, the buyer is financing his closing costs as part of the loan (as long as the property appraises for the higher amount.)

For more information about zero-down financing, please e-mail me through my contact form or call me at 602-502-9693.

(c) Jonathan Dalton, 2006 / Jonathan Dalton's Arizona Homes