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The following article was published in our article directory on November 11, 2020.
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Article Category: Real Estate
Author Name: David Farrell
When approaching a loan provider for home financing, you will typically be required to put up a down payment. Paying 20% of the total cost of the home will allow you to skirt the private mortgage insurance requirement. If you are availing of an FHA loan, it is possible to pay a down payment of as small as 3.5%, depending on how good your credit score is.
With a 100% development loan, the lender extends a loan for the full purchase price, without requiring any down payment. Various programs offer 0-downpayment loans. These include the US Dept. of Agriculture loans, VA loans, and special programs intended for specific segments of the population, such as doctors. There are also credit unions that offer low and 0 down payment mortgages to members.
Benefits of 100% Development Loans
The main benefit of obtaining a loan with no down payment is that it allows you to move into a new home quickly, without shelling a big amount of money. You don�t need to suffer years of paying rent for a small apartment while saving enough money to buy a home. This way, you can start living in your new home, and begin saving for more productive investments in no time.
If you have some money kept in a bank, getting 100% development financing means not touching your bank deposit. You can later use the money to pay for the extra expenses like landscaping and furniture. Also, living in your own home may mean bigger utility and other expenses, so paying no down payment will allow you to cover these expenses.
If you�ve experienced renting a home, you may be aware that a monthly mortgage is often lower than your rent. Lenders offering 100% financing allow you save some money every month by switching to home ownership. This means you get to keep some cash aside. By paying more on your mortgage every year, you will be able to accumulate some equity that you would have otherwise gained by paying a down payment.
Higher Loan Interest Rates
Among the biggest disadvantages of paying 0 or low down payment for a home purchase is that over time, you will have to pay more in terms of interest. If you�re buying, for instance, a $200,000 home that requires a 20% down payment, deduct $40,000 from the financing. Thus, instead of paying a 5% interest rate on $200,000 over 30 years, you�ll instead pay 5% on $160,000.
Without a down payment, your prospective lender will be forced to assume a higher risk with you from the get go. As a result, the lender may charge a higher interest rate for your loan. This will only add more burden for you throughout the duration of the loan.
Now if you only live in the new home for a couple of years, it may mean that the bulk of your payments are only for taxes and interest. This may result to your having a very small equity in the home.
Learn more about HYPERLINK "https://100percent-propertydevelopmentfinance.com/property-bridging-loans/" 100% development financing.
Keywords: Development finance, construction finance, bridging loans, 100% development loan
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