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Bruce Specter can offer many special mortgage programs in addition to the standard mortgage products. Check this page frequently for new programs that you may qualify for! And contact Bruce Specter at any time for additional information on any of these programs.
The New 100% Home Loan Program and a good credit history can help you buy a home - with no down payment! Now more than ever, owning a home is more affordable, even if you have limited savings. A streamlined, lower cost alternative to FHA!
Based on the success of the Community Home Buyers Program for low to middle income borrowers, there is a new program for this market segment to purchase a home or refinance to reduce their rate with reduced out-of-pocket costs!!
Here are the details:
Up to 100% Loan-To-Value (LTV) on 1-unit single family homes, condos or town/patio homes
This is a fantastic program for a financially responsible low to middle income buyer. For further details on the program or to pre-qualify, please contact Bruce Specter at your convenience or send me an e-mail.
Gregg and Harriet just purchased a home for $215,000 with no down payment
and financed 100% of the purchase price. Plus, through a special program, 3% of their
closing costs were also financed. This allowed Gregg and Harriet to purchase their
home without having to bring a cent to closing. Gregg and Harriet are among a
growing group of buyers who are taking advantage of new, zero down payment home loans.
Zero down 100% loans have been available to active duty military and military veterans
since World War II, but buyers using conventional financing have traditionally been
required to make down payments of 5% to 20%, until now.
Lenders are now offering conventional loans to non-veterans with no down payment.
Zero down loans are especially popular among baby-boomers who prefer to keep their assets in higher returning investments like stock mutual funds or 401-K plans instead of sinking thousands of dollars into dead equity in their homes.
Borrowers with good credit and modest savings are the target market for zero down home loans. We have many options for zero down loan payment financing to offer to our buyers at rates that compete with 5% and 10% down loans. We even have loans that allow the seller or lender to pay the buyer's closing costs (up to 3%).
Some mortgage bankers are reluctant to offer 100% loans and some will not acknowledge that such loans exist, preferring to offer the standard 10% and 20% loans.
Zero down loans will not work for all home buyers. Qualified buyers must have stable employment and excellent credit; numerous late payments, judgments, or bankruptcy will disqualify any prospective borrowers.
The newest zero down home loans are loans above $359,650, a category of loans commonly referred to as "Jumbo" loans within the mortgage banking industry. We've seen a lot of interest in zero down loans over $300,000. Buyers in this price range are savvy, experienced buyers. They are looking for the largest tax break they can get while keeping all of their assets working. Zero down jumbo loans allow higher income buyers to get the maximum tax break from owning an executive home, while keeping their cash in stocks, mutual funds, 401-K programs or other, more lucrative investments.
For further details on the program or to pre-qualify, please contact Bruce Specter at your convenience at (775) 338-6915 or send me an e-mail.
Start investing in YOU - not your landlord!
Tara and Andrew decided it was time. The next big step in their relationship. Home
Ownership!
A friend referred them to me. We met to make a plan for buying their first home.
Tara and Andrew were worried. They had been told by friends that there was no way that
they could buy a home now. There were too many obstacles in the way; they both had just
begun new jobs, they didn't have a lot of money for a down payment, and they didn't have
many established lines of credit.
But Tara, Andrew, and I went to work. We knew it would not be a 'standard home loan', but
we decided it could be done. I began the process of finding a solution and putting a
program together to fit Tara and Andrew's financial profile.
Tara and Andrew got a Community Homebuyer mortgage that only required a 3% down payment.
They used some of their
own money that they had been saving. The guidelines also allowed Mom and Dad to also help
out with the down payment.
After a few weeks of hard work, Tara and Andrew got their dream when they moved in to
their new home (or
was it really their parent's dream?).
Feel in control - you can get educated - via email - on the process BEFORE
you buy your home!
If you or someone you know needs some expert counseling, call me at
775 338-6915.
Do You Feel Trapped In Your Townhouse? Then Escape Now!
Key Benefits of Real Estate Investing Include:
Own a larger home - without
sacrificing your life savings!
Take advantage of the tax
advantages of owning a new home and renting your current home
Don't lose your equity! Leave
the equity in your current home and buy your new home with as little as Zero Down!
Receive rental income on your
current home
Home owners across the region are cashing in on the current high-dollar rental market and
buying larger, move-up homes with special, zero down home loans for second-time buyers.
Read on and learn how you can buy-up and not lose your equity:
The number of rental homes available in the market has steadily declined since tax reforms
enacted by congress in 1986 wiped away most of the incentives for investors to acquire
rental properties. The most plentiful source of new rental homes are coming from
individual homeowners converting their existing residences to rental property.
According to tax experts, individual homeowners who convert their residence to a rental
property can still take advantage of tremendous tax breaks.
In the past, homeowners have used the equity from the sale of their old home as a down
payment for a larger move-up home, but with home prices stagnant in recent years, move-up
buyers have not yet accumulated the equity needed for a down payment on a larger home. The
alternative is to keep the old home as a rental and use personal savings as a down payment
or use a zero down loan to buy the move-up home.
Robert and Roberta recently chose to scrap their plans of selling their 3-Plex and kept it
as an investment property. They left their existing equity in the 3-Plex and bought a
single-family home with a 5% down conventional loan. The rental income they now receive on
their 3-Plex covers their mortgage on the 3-Plex, plus it gives them an additional $350 a
month!
For more information, call Bruce Specter at (775) 338-6915.
| Reverse Mortgages |
 |
Reverse Mortgages are not for all borrowers. Borrowers who are planning to be
in their homes for a short period of time or can afford a traditional mortgage
may want to seek other options but for those borrowers who are “house rich and
cash poor”, the reverse mortgage has been an excellent tool.
With some of the earlier reverse mortgages, there were some poor terms such as
shared appreciation and many of these early instruments ended in court cases.
Today, the lender has no interest in the property and
the borrower owns their home the same as with any other financing. There are
many misconceptions with reverse mortgages. Firstly, the title always remains in
the name of the borrower and the borrower or the borrower’s heirs can never owe
more than the property is worth. The IRS does not consider monthly advances from
the reverse mortgage income and therefore it will not affect the borrower’s tax
situation. The heirs of the borrower still keep the home just as they would
any other property. They must pay off the loan by extinguishing the
reverse mortgage through their funds, by refinancing or they can sell the
property. The borrowers do not have to own a home free and clear to qualify for
a reverse mortgage. In fact, many borrowers obtain a reverse mortgage to get out
from under monthly mortgage payments. The combination of no monthly payments,
tax free equity release, and next to no qualification issues, reverse mortgages
make great sense for many borrowers!
For an in-depth guide, read AARP's "Home Made Money: A Consumer's Guide to Reverse Mortgages". This is a great primer and will answer most of your questions. When considering this option, knowledge is your best friend. Ask a lot of questions, and make sure this is right for your specific financial situation.
Talk to Bruce Specter about this and other money-saving/ equity-building programs.
Looking for more mortgage information? Go HOME for more links.
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This page was last updated on 02/14/08.