FHA Brings Back Zero Down Financing for Self-Employed!

By
Real Estate Agent with Keller Williams Realty

Effective today, April 1, 2012, and good for a limited time only, FHA has announced a new pilot Zero Down Payment Financing program available to self-employed individuals with credit mid-scores of at least 450.

Based on the huge success of the former NINA (No Income, No Assets) loans and other ‘Alt A’ “No Documentation” loan programs which led the housing boom of 2005-2007, the loans will be available for homes which appraise for at least 80% of list price, regardless of condition.

HUD spokesman Noe Jose said, “The program is a trial effort to find a replacement for the hugely successful Tax Credits for Home Buyers which expired in 2010.  Those Tax Credits are widely acknowledged as boosting home sales during a period of economic uncertainty.”  Of course, increased home sales lead to increased employment in the construction sector, one of the largest job creation industries.

On another note, of course today is April 1, widely known as April Fools Day.  See http://en.wikipedia.org/wiki/April_Fools'_Day for a thorough discussion of the history of this great day of mischief.  Our all time favorite is the BBC’s Great Spaghetti Harvest

Of course, there will be no “Zero-Down” financing, or any other loans for that matter, for people with credit scores under 600.  But for those who are eligible and can qualify for a loan, There are plenty of bargains, interest rates are still near record lows, and even some zero down programs that are available, including USDA Financing for properties outside the city limits, Bond Program loans for First-time Buyers, VA Loans for Active Duty Military or Veterans.

San Antonio is booming.  See our recent video:  San Antonio Rocks!.  If you are thinking about Buying or Selling, or know someone who is, please call us.  Waiting could be expensive!

Best regards (and Happy April Fools’ Day),

Doc and Ellen Stephens, REALTORS®

Keller Williams Realty

10999 IH-10 West, Suite 175

San Antonio, TX  78230

            (210) 764-9403      

www.ElegantTexasHomes.com

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  1. Bob Caldwell 04/01/2012 08:30 AM
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Topic:
ActiveRain Community
Tags:
april fools
selfemployed
san antonio
mortgage
zero down
fha

Comments 42 New Comment

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Rainmaker
116,676
Frank Iglesias
Atlanta, GA Real Estate Investor
Working With Houses, LLC - Atlanta Real Estate Investments

That was funny!  Nice share.

April 02, 2012 03:50 AM
Rainer
104,015
Brian Schulte
SFR, Sierra Vista, AZ
Allison James Estates & Homes

Terrific Post!

At 1st I grinned like a Cheshire Cat.

Then I frowned.

Then I laughed.

Mr. BS Realty

April 02, 2012 07:19 AM
Rainer
190,273
Stephanie Stringer
Mortgage Loan Originator
First Choice Loan Services NMLS#210764

Ellen and Doc... Pretty good trick!!!  I totally agree with you on SA.  I love living here and it's a wondeful place to raise a family.

April 02, 2012 07:26 AM
Rainer
103,510
Kevin Guttman
Residential Mortgage-Lending Virtually Nationwide
Top Mortgage Originator

Great April fool's joke!

I thought, why haven't I heard about this?

Almost got me, good one!

April 02, 2012 02:14 PM
Rainer
53,564
David A. Weaver
Purchase - Refi - Conv - FHA - VA - USDA - HARP
Bank of Arizona, N. A.

Wait, I just got the memo from our head underwriter that this is for real..........huh, yeah OK, honey.  I'll stop dreaming and drooling down my chin.  Have a great April and rest of the year.  Good joke, life's too short to take totally serious.

April 02, 2012 06:59 PM
Anonymous
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Rainer
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Ellen & Doc Stephens

Doc & Ellen Stephens
Ask me about our Trade-Up Program!
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