In addition to the First Time Home Buyers Programs, another option available through Alpha Mortgage to potential home buyers who lack enough capital for a down payment is our No Points, No Closing Costs loans. For these loans, Alpha Mortgage will pay all of the additional costs, known as closing costs, common to a mortgage at the time of closing. These costs, which are partially based on the amount of the loan, will often exceed $1,000. Reserve items, such as real estate taxes and home owner's insurance escrows, will still need to be paid by the borrower.

While these costs will not increase your loan amount, the customer will pay a slightly higher interest rate to offset the savings in not having to pay for the closing costs. The No Points, No Closing Costs program is available for most loans over $90,000.

Some of the reasons to consider a No Points, No Closing Costs program include:

• If you expect to be in a home less than four years, you will benefit in the long-term, not to mention in the short -term, even with the higher interest rate.
• If you are short on capital for the down payment, this program will allow you to apply the $1,000 to $1,500 normally reserved for closing costs towards your down payment.
• If you are short on available cash in a refinancing situation, and there is not enough equity in the property to add the closing costs in the new mortgage, this program can be very beneficial.

Before considering a no points, no costs loan, first explore all of your loan options. Completing our Pre-Qualification application will provide your Alpha Mortgage representative with all the information needed to assist you on your choice of loan programs. Call 303-758-3755 if you want to know more.

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