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| How Does Our First Time Buyer, No Money Down, Program Work? |
Our Main Program:
- 80% of the purchase price is the loan amount that you make monthly payments on.
- The other 20% of the purchase price is loaned to you but monthly payments are not made!
- The 20% loan is repaid when you sell the home or if you refinance your new home in the future.
- The 80% loan is a regular loan (FHA, VA, Conventional, etc.) at the regular market interest rate any lender
would give you. - The 20% loan is at an interest rate BELOW the market interest rate.
Examples:
2 bedroom 2 bath in El Cajon.
Purchase Price: $265,000
Monthly Mortgage: $1340
Purchase Price: $265,000
Monthly Mortgage: $1340
3 bedroom 2 bath in El Cajon
Purchase Price: $330,000
Monthly Mortgage: $1670
Purchase Price: $330,000
Monthly Mortgage: $1670
In these examples we assume an interest rate of 6.5% (realistic, as of publish date, for a person with good credit).
Bad credit?
Most credit scores qualify for one or more of our programs. There is no cost to find out what we can do for you. Your
credit score DOES determine your interest rate.
Where does the money for your REALTOR® come from? The person selling their home negotiates with their agent
the overall commission. That commission comes out of the purchase price (the seller’s money) and is not added on
top of the purchase price (your money). The overall commission is split between the two REALTORS®. There is no
additional cost to you to have a REALTOR® representing your interests.
We must have a, signed, four month contract for you to use us as your REALTOR®. This is an agreement that if we
find you a home that you decide to buy, you buy the home with us as your REALTOR®. There is no cost for this,
and you are not obligated to buy a home, but if you do decide to buy a home, you have to use us as your
REALTOR®. This is to protect us from investing time and effort getting a client qualified and into a program, then
finding them a home that they want to purchase, and then they use another REALTOR®
How Do You Get Started?
Call Me Now & Tell Me You Are Interested In Our First Time Home Buyer Program: Eric Colona (619)733-8368
What Are The Programs? Click Here
Bad credit?
Most credit scores qualify for one or more of our programs. There is no cost to find out what we can do for you. Your
credit score DOES determine your interest rate.
Where does the money for your REALTOR® come from? The person selling their home negotiates with their agent
the overall commission. That commission comes out of the purchase price (the seller’s money) and is not added on
top of the purchase price (your money). The overall commission is split between the two REALTORS®. There is no
additional cost to you to have a REALTOR® representing your interests.
We must have a, signed, four month contract for you to use us as your REALTOR®. This is an agreement that if we
find you a home that you decide to buy, you buy the home with us as your REALTOR®. There is no cost for this,
and you are not obligated to buy a home, but if you do decide to buy a home, you have to use us as your
REALTOR®. This is to protect us from investing time and effort getting a client qualified and into a program, then
finding them a home that they want to purchase, and then they use another REALTOR®
How Do You Get Started?
Call Me Now & Tell Me You Are Interested In Our First Time Home Buyer Program: Eric Colona (619)733-8368
What Are The Programs? Click Here