There is a little known government loan program which allows you to buy an Aliso Viejo home with Zero down payment, at a 4.75% fixed interest rate for 30 years! Plus, this loan will allow you to get up to 3% credit from the seller to be used for your closing costs. The above is today's interest rate and could change at any time, plus the 4.75% interest rate is for 'Low Income" buyers. For "Moderate Income" buyers, the rate is 5% today.
As an example, one of our Buyers used this loan to buy her first Aliso Viejo Condo, and she did it with Zero down payment, and we got a credit from the seller so her total closing costs were $785!
What's the catch you may ask? Well, there are not catches, but there are some terms and restrictions. First you have to be a first time homebuyer, which the Government defines to be a person who has not owned a home for more than 2 years. So if you owned a home and sold it 2.5 years ago, you meet this requirement. Second, this loan only applies to homes in Aliso Viejo that are priced no more than $491,000. Third, there are minimum and maximum income restrictions. Below is a table for the maximum income you can make if you are considered a "Moderate income" families:
1 to 2 Family members - $92,160/Year
3+ plus Family members - $107,520/Year
If you are deemed to be a "Low income" the maximum income restrictions are lower than the moderate maximum income restrictions listed below. In addition, it is possible to add or remove income producing family members from the purchase in order to meet the maximum income guidelines.
Also, there is a re-capture feature, which is a bit too complicated to explain in this short blog. Suffice it to say, that the potential re-capture program is well worth the benefit that this loan program offers, plus of the many home buyers who used this loan, non of them ever had to exercise the re-capture program.
These terms and conditions may sound a little bit confusing at first, but the several lenders that we work who offer this loan program do most of the processing work for you. So the application process is actually very easy.
This fantastic loan program can be used to buy any home with zero down in Aliso Viejo or any other city in Orange County. If you would like to learn more about this exciting zero down loan program, or if you want to search for every listed home for sale in Aliso Viejo, just visit our website at: Aliso Viejo Real Estate.
