In conjunction with other regulatory bodies, the City of London will provide interest free loans for the 5 % downpayment AND 3 % for closing costs. There are restrictions and qualifications of course… you must still qualify for the mortgage through regular financial institutions and the property can not cost more than $ 140,000.
This is a fabulous opportunity for young people, first time buyers to get into the market! Interest rates are low, there is a reasonable selection of homes under $ 140,000 and the resulting total monthly payment is likely to be less than their current rent! Will it be their DREAM HOME? Probably not…but a little sweat equity, a little time and down the road you can move on to a bigger and better home with more equity and a little more knowledge on the basics of owning a home.
Call or email me and I can help you throuh this…
