Buy a house with $500 dollars down. Santa Fe Realty Ultd Talks Real Estate In Santa Fe NM Episode 1

In this Video:

Leland Titus

Santa Fe Realty Unlimited

Juan Carlos Mora

MFA- Mortgage Finance Authority

FHA- Federal Housing Administration

 

Hey Guys, Leland Titus here with Santa Fe Realty Unlimited. I was speaking with Juan Carlos Mora yesterday about maybe starting a video series that may help people that don't really know about real estate or the real estate purchase. Maybe they can ask questions and we can answer them or something.

So... anyways I arrived at my first closing today and had a little extra time and figured I'd shoot a video. I guess this is a live video this is my first time doing this so sorry if there are any mistakes. But, today I'm going to challenge Juan Carlos Mora, one of my fantastic talented brokers to do one next, and he'll have to pick a topic and help out a little bit.

Today what I was going to go over was the MFA loan program which allows you to get into a home for $500 down. Now, this takes a little working on our part as Realtors. 

What an MFA loan is is it's a secondary loan. So you would get an FHA loan which would be your first loan and that can cover up to 96.5% of the purchase price (of your new home). Then the MFA loan will kick in and they will give you $8,000 dollars towards your purchase price. At that point what we will do is we will ask the seller to contribute up to 2% and that would cover any of your closing costs, anything to do with the purchase of your property. There is a law (or rule) that you have to come in with $500.00. That's $500.00 That's it! to purchase a home. If you qualify of course. 

We use the FHA loan and we use the MFA loan so that we can get you into your new home for $500.00. This is a great program, it works great with homes at about the $200,000.00 to $250,000.00 range. Which is about the price of a decent starter home in Santa Fe a 3 bedroom 2 bath for people.....

Video Cuts out! Darn, you Facebook live! 

If you have any questions I and Juan may be able to answer in this video series. We would love to help. If you know anyone that looking to buy or sell real estate please give me or Juan a call. We may bring in some of the other brokers in our office to cover other topics as well. So anyways thanks for watching and We look forward to hearing from you guys. Thanks, Bye.