BROWARD COUNTY, Fla., May 11, 2016 /PRNewswire/ -- The total amount of money a typical FHA buyer needs to buy a house is the money for the down payment and closing costs – 3.5% down payment and 6% closing costs. The total amount needed is 9.5% of the purchase price. For a $200,000.00 house a typical buyer will need $19,000.00. Borrowers getting financing through Bluecastle Lending, the exclusive provider of CCAP, will only need as little as $8,200.00.
"The numbers are incredible," said Alex Baglioni, owner of Bluecastle Lending. "It's changed people's lives and it gives hardworking people the opportunity to own rather than rent."
For VA borrowers the numbers are astonishing. Usually closing costs are 6% of the purchase price – you need $18,000.00 for a $300,000.00 home however, for qualified CCAP borrowers it could be as little as $1,174.00; that is almost $17,000.00 saved.
The program accepts credit scores as low as 580 and it is for 30 year fixed government sponsored loans. There is no income ceiling, ownership restrictions, selling restrictions, mandatory seminars, waiting periods and lender contribution does not have to be paid back. Being a first time home buyer is not a requirement. CCAP applies to primary residences, loan amounts over $150,000.00, single family homes and borrowers that will qualify for VA or FHA.
Alex Baglioni is the owner of Bluecastle Lending and Housemart Realty, and has been selling real estate since 1997. After countless meetings with buyers that did not have the cash needed to buy, he decided to open his own mortgage company and give most of the funds that a loan originates directly to the buyer, while waiving most of the financial charges most banks have, like origination fees, underwriting fees, tax certification fees, flood certification fees, etc.
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SOURCE Bluecastle Lending and Housemart Realty