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Our renters can now own for one months rent down

May 5, 2017 Category  Real Estate

While many consumers seeking homeownership are attracted by some of the lowest interest rates in history, their biggest problem to overcome is the down payment money. Well here’s some great news. Rent 1 Sale 1 Realty’s preferred lenders are now offering 1% down Conventional Loans. This means you can actually own a home for roughly the equivalent of a 1 months deposit on a rental property. The best part is that the loan is conventional as opposed to FHA, which can sometimes limit buyers to certain types of properties. Here’s an example:  A family that has a total household income of $50,000 can qualify for a rental property priced at $1400 per month.  This same family can qualify to purchase a home at the $150,000 price point. With the 1% down loan program, the family can purchase this property with just a $1500 down payment. If they decided to rent, they would need a $1400 security deposit. So for roughly $100 more, they can now be homeowners. For a free mortgage prequalification or more information please call the Rent 1 Sale 1 Realty office nearest you.

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