Today, Josh Anderson, one of Houston’s most highly recognized lenders provides some inside perspectives to working with first time home buyers! As is the case in many situations the down payment can be a major obstacle. Not anymore!
“Recently, a friend asked me how can folks get a loan if they don’t have a down payment?
BancorpSouth is committed to providing special loan programs to increase opportunity for homeownership. Our special loan program, called Right@home tackles the lack of downpayment barrier to homeownership by offering 100% financing.
This loan program is an excellent opportunity for a first time home buyer to either get into a home more quickly than they may have thought – but you don’t have to be a first time home buyer to utilize the program! Anyone who qualifies can take advantage of this zero down loan.
Right@home is different than other loan programs in many ways. The only other traditional zero down loan is for veterans, with Right@home, you don’t have to have a military background. Additionally, there is no private mortgage insurance (PMI) required- which equals big savings. The borrower can receive up to 6% of the sales price from the seller to pay for closing costs and is only required to invest $500 either during the loan process or at closing. This loan is not a form of down payment assistance or grant, which may be required to be paid back and usually have large fees associated with them in order to participate.
The Right@home loan is only available at Bancorp South.
Josh Anderson Email: Josh.Anderson@bxs.com Cell: 832-687-8499