Home Purchase With Low Down Payment And No Closing Costs

This Article Is About 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 Daniel Hirsch is the realtor that we highly recommend, hands down!
  • Daniel Hirsch is the favorite of all licensed loan officers of The Gustan Cho Team at Loan Cabin Inc.
  • When a loan officer is asked for a Will County real estate agent referral by a pre-approved borrower, Dan Hirsch is the name of choice

In this article, we will cover and discuss home purchase with low down payment and closing costs.

How Does Illinois Home Purchase With Low Down Payment Work?How to buy a house with a low down payment

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 home buyers
  • Home buyers 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 a FHA insured mortgage loan:

  • 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
  • Lets assume the property taxes on the subject property is $3,000
  • The sellers would have to credit the home buyers $3,000 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 Home Buyers Not Come Up With Closing Costs?

Daniel Hirsch is an expert negotiator and will not just negotiate the best price for his home buyers but will not do the deal with a nice sellers concessions. Sellers concessions are credit by the home seller to the home buyer where the home buyer can use sellers concessions for closing costs.

Examples Of Closing Costs 

Examples of closing costs are the following:

  • Pre-paids 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
  • Points
  • Title Charges
  • Recording Fees

Any other costs and fees associated with the home closing.

Maximum Sellers Concessions Allowed Per Loan ProgramWhat are Maximum Sellers Concessions Allowed Per Loan Program

Each mortgage loan program has the maximum amount of sellers concessions:

  • HUD Loans allow up to 6% sellers concessions
  • VA Loans allow up to 4% sellers concessions
  • Fannie Mae and Freddie Mac will allow up to 3% sellers concessions for primary owner occupied properties and second homes

Fannie Mae and Freddie Mac will allow up to 2% sellers concessions for investment properties.

Why Gustan Cho Associates Mortgage Group

Gustan Cho Associates and The Daniel Hirsch Group are co-partners and offer the following on the lending side:

  • Gustan Cho Associates at Loan Cabin Inc. is a Fannie Mae, Freddie Mac, Ginnie Mae Direct Lender 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
  • 95% 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 you 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 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 faster response. Or email us at [email protected]

Why Daniel Hirsch For Your Realtor?

I have a great deal of respect for professional realtors.  However, not all realtors are created equal. Dan Hirsch, is one of the most knowledgeable real estate professionals I know.

Here are some bullet points on Dan Hirsch and why he is unique and different than his competition:

  • A realtor should be knowledgeable in properties they are selling but also in the community they represent just like Daniel Hirsch
  • They should be aware of comparable of similar and like homes, historical values, market trends, potential commercial development in the area, and statistics of the neighborhoods and surrounding areas
  • A practice that Daniel Hirsch 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
  • Dan works 80 hours a week

Representing Buyers With Home Purchase With Low Down PaymentWhat does Representing Buyers With Home Purchase With Low Down Payment mean?

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 Dan Hirsch religiously practices where NO is not an option
  • Daniel Hirsch is more knowledgeable than many loan officers
  • This is because if any of his home buyers goes through a stressful mortgage process, Dan 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 is able to lead and quarterback a transaction
  • You do not want to be represented by a realtor who nobody gets along with and 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 answers to the top bullet point questions is Will County Area is Daniel Hirsch.

Illinois Veteran Realtor Daniel Hirsch Is A Professional With Solid Credentials

Dan Hirsch is among the top ranked realtor in the Joliet, Illinois area and is ranked in the top 2% of realtors Nationally! 

  • Dan Hirsch is an expert in helping and advising home buyers in getting a Home Purchase With Low Down Payment and no closing costs out of their pocket
  • Dan fully understands the importance of getting a sellers concessions to home buyers so they do not have to come up with any money for closing costs
  • What makes Dan the go to real estate professional for home buyers, especially first time home buyers, is because Daniel Hirsch 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
  • Dan spends countless of hours a week keeping up with the latest mortgage guidelines

So he is on top with his lending knowledge and what is available to his home buyers.

Expert In Helping Buyers With Home Purchase With Low Down Payment

There is a reason why someone is ranked top realtor.

  • Consumer’s are not ignorant
  • They want the best of the best

Dan Hirsch is a solid 5 star realtor who is fully endorsed by Gustan Cho Associates Mortgage Group.

Communities Represented By Daniel Hirsch

Daniel Hirsch mainly represents the Will County, Illinois area and its surrounding communities.  Below are the area that Dan Hirsch represents home buyers and sellers.  Dan Hirsch 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 Coldwell Banker Honig-Bell.

  • 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 aspect of the home buying and selling process, Dan Hirsch is your real estate professional. Dan is an expert in helping buyers in Home Purchase With Low Down Payment. Dan is available 7 days week for all of his clients and investors. He works very closely with Gustan Cho Associates.

This BLOG On Home Purchase With Low Down Payment Was UPDATED And PUBLISHED On October 22nd, 2019

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