Recently John Meussner and team were fortunate enough to help a lucky buyer pick up a new home in Battle Mountain, NV. Using FHA financing, the home buyer was able to get into a new (to him) home with total out of pocket money equaling just 3.5% of the purchase price. This means that for less than $10,000 out of pocket, he was able to buy a house!
Our team worked with Kimberlie Buffington who represented the buyer as their real estate agent, and it was a wonderful experience with all parties working together to help the entire transaction take just about 3 weeks from contract execution to settlement.
There was a seller credit negotiated to help cover the buyer’s closing costs and allow them to buy down their interest rate to obtain a great interest rate and lower payment than they’d have seen without a seller credit.
In the current market, FHA financing has once again become a fairly common loan type. The biggest benefit to FHA loans is their low down payment requirement along with competitive interest rates regardless of credit score. In some cases, PMI on FHA loans can be cheaper than conventional loan alternatives, so coupled with lower-than-conventional rates, FHA loans can come with a substantially lower monthly payment. FHA loans also offer favorable terms for both single-family and manufactured (double wide) homes, granting home buyers a lot of options, and more affordable options for those considering manufactured housing.
Since our settlement took place in Q3 of 2023, the buyer also qualified for our team’s loyalty certificate, so after 7 consecutive loan payments, any refinance within 2 years will come with no lender fees (currently a $1,390 savings!). This program will allow this buyer and many others to take advantage if and when rates go down, greatly reducing total closing costs on the refinance loan.
Our team knows there are a lot of mortgage lenders to choose from, so we’re extremely appreciative to have had the opportunity to help provide the mortgage financing for this Battle Mountain, NV home purchase.