Home Purchase With Low Down Payment and No Closing Costs
In this article, we will discuss and cover home purchase with low down payment and no closing costs. If you are looking to buy or sell a home in the Will County, Illinois area, look no further. Illinois Veteran realtor Dino Hasapis is the realtor that we highly recommend, hands down!. Dino Hasapis is the favorite of all licensed loan officers of Gustan Cho Associates. When a loan officer is asked for a Will County real estate agent referral by a pre-approved borrower, Dino Hasapis is the name of choice. In this article, we will cover and discuss the home purchase with low down payment and closing costs.
How Does Illinois Home Purchase With Low Down Payment Work?
In the state of Illinois, property taxes are paid one year in arrears. This means that home sellers need to give one-year property tax proration credits to homebuyers. Homebuyers can use property tax proration credits towards the down payment of their home purchase.
Case Scenario On Home Purchase Transaction
Let’s take a case scenario where a home buyer buys a $100,000 home with an FHA insured mortgage loan:
- The purchase price is $100,000
- HUD requires that the home buyer needs to put down 3.5% on a home purchase
- So the amount needed would be $3,500 by the buyer
- Let’s assume the property taxes on the subject property are $3,000
- The sellers would have to credit the home buyers $3,000 in property tax prorations
- The buyer can use this $3,000 property proration credit towards the down payment
The net amount the buyers would need would be $500 to come with at closing to close on their home purchase. $3,500 down payment less $3,000 property tax prorations
How Can Homebuyers Not Come Up With Closing Costs?
Dino Hasapis is an expert negotiator and will not just negotiate the best price for his homebuyers but will not do the deal with a nice seller’s concessions. Seller concessions are credited by the home seller to the home buyer where the home buyer can use seller concessions for closing costs.
Examples Of Closing Costs
Examples of closing costs are the following:
- Pre-paid which are escrows asked upfront by lenders
- such as two months’ reserves for property taxes and homeowners insurance
- One year homeowners insurance premiums
- Attorney’s costs
- Inspection fees
- Origination costs
- Title Charges
- Recording Fees
Any other costs and fees associated with the home closing.
Maximum Seller Concessions Allowed Per Loan Program
Each mortgage loan program has the maximum amount of sellers’ concessions:
- HUD loans allow up to 6% seller concessions
- VA loans allow up to 4% seller concessions
- Fannie Mae and Freddie Mac will allow up to 3% seller concessions for primary owner-occupied properties and second homes
Fannie Mae and Freddie Mac will allow up to 2% seller concessions for investment properties.
Why Gustan Cho Associates Mortgage Group
Gustan Cho Associates and The Dino Hasapis Group are co-partners and offer the following on the lending side. Gustan Cho Associates is a mortgage broker licensed in multiple states. GCA Mortgage Group is nationally known for its no overlays on government and conventional loan programs. Most loans close in 21 days or less. FHA loans with 580 credit scores and no overlays. VA Loans with no credit score requirements.
USDA with 580 credit scores and no overlays. FHA 203k Loans. Reverse Mortgages. 90% Loan To Value Jumbo Mortgages. Condotel And Non-Warrantable Condo Loans. No lender overlays on Conventional Loans. NON-QM Loans where buyers can qualify for a mortgage with one day out of foreclosure, short sale, bankruptcy. Bank statement loans and no income verification loans.
TBD Underwriting Process
TBD FAST TRACK UNDERWRITING where you will get your a mortgage loan approval without a subject property:
- Once buyers have a property under contract we submit it for CTC
- This is because the loan is fully approved
- We just need to underwrite the property and get the title and buyers are ready to close
- Gustan Cho Associates closes 100% of our pre-approvals
- We are available 7 days a week
Call or text Gustan Cho on his cell at 262-716-8151 for a faster response. Or email us at [email protected]
Why Dino Hasapis For Your Realtor?
I have a great deal of respect for professional realtors. However, not all realtors are created equal. Dino Hasapis is one of the most knowledgeable real estate professionals I know. Here are some bullet points on Dino Hasapis and why he is unique and different from his competition:
- A realtor should be knowledgeable in properties they are selling but also in the community they represent just like Dino Hasapis
- They should be aware of comparable similar homes, historical values, market trends, potential commercial development in the area, and statistics of the neighborhoods and surrounding areas
- A practice that Dino Hasapis never deviates from
- The perfect realtor should be a full-timer plus who is available 7 days a week and does NOT have regular business hours but is available evenings and weekends
- Dino works 80 hours a week
Representing Buyers With Home Purchase With Low Down Payment
The perfect ideal realtor should be someone who will go to bat for the buyer and seller and have nothing but the best interests of their clients. A practice Dino Hasapis religiously practices where NO is not an option. Dino Hasapis is more knowledgeable than many loan officers. This is because if any of his home buyers go through a stressful mortgage process, Dino already has a backup lender that can handle the deal and close the loan in record time. The perfect realtor should be someone who is personable and able to lead and quarterback a transaction. You do not want to be represented by a realtor who nobody gets along with and who is shy to ask questions on your behalf. The ideal realtor should be someone who takes a leadership role. When something does not goes right, will take charge and get the right answers and come up with a solution that is mutually beneficial for the buyer and seller to get the deal done. The answer to the top bullet point questions in Will County Area is Dino Hasapis.
Illinois Veteran Realtor Dino Hasapis Is A Professional With Solid Credentials
Dino Hasapis is among the top-ranked realtor in the Joliet, Illinois area and is ranked in the top 2% of Realtors Nationally! Dino is an expert in helping and advising homebuyers in getting a Home Purchase With Low Down Payment and no closing costs out of their pocket Dino fully understands the importance of getting seller concessions to home buyers so they do not have to come up with any money for closing costs. What makes Dino the go-to real estate professional for home buyers, especially first-time homebuyers, is that Dino is a real estate investor himself. He understands that most folks want to execute a Home Purchase With Low Down Payment and no closing costs. Dino spends countless hours a week keeping up with the latest mortgage guidelines. So he is on top of his lending knowledge and what is available to his homebuyers.
Expert In Helping Buyers With Home Purchase With Low Down Payment
There is a reason why someone is ranked, top realtor.
- Consumers are not ignorant
- They want the best of the best
Dino is a solid 5-star realtor who is fully endorsed by Gustan Cho Associates Mortgage Group.
Communities Represented By Dino Hasapis
Dino Hasapis mainly represents the Will County, Illinois area and its surrounding communities. Below is the area where Dino Hasapis represents home buyers and sellers. Dino Hasapis is licensed in the state of Illinois and has associates throughout the state of Illinois as well the other 47 states through his network with homebuyers and sellers.
- Aurora, IL
- Bloomingdale, IL
- Bolingbrook, IL
- Braidwood, IL
- Channahon, IL
- Coal City, IL
- Crest Hill, IL
- Downers Grove, IL
- Elwood, IL
- Frankfort, IL
- Hinsdale, IL
- Homer Glen, IL
- Joliet, IL
- Lemont, IL
- Lisle, IL
- Lockport, IL
- Lombard, IL
- Manhattan, IL
- Minooka, IL
- Mokena, IL
- Morris, IL
- Naperville, IL
- New Lenox, IL
- North Aurora, IL
- Oak Brook, IL
- Orland Park, IL
- Plainfield, IL
- Romeoville, IL
- Shorewood, IL
- Tinley Park, IL
- Wheaton, IL
- Wilmington, IL
- Woodridge, IL
If you are looking for a top five star Illinois real estate agent who is extremely knowledgeable in all aspects of the home buying and selling process, Dino Hasapis is your real estate professional. Dino is an expert in helping buyers in Home Purchase With Low Down Payment. Dino is available 7 days week for all of his clients and investors. He works very closely with Gustan Cho Associates.