Long story short: we have been renting for almost a year, and we are now trying to buy a house (not the one we are in). We came up with enough money for a deposit, but we keep hitting little financial "speed bumps", and are having trouble coming up with the $4000 - $5000 for a down-payment.
What would you recomend we do? Is there a special kind of loan for that? We dont have a home under contract yet, so we have a month or more.
2007-08-23 07:39:06 · 8 answers · asked by Brenda 4 in Business & Finance ➔ Renting & Real Estate
To "snwbm", we DO have enough money for closing costs. Its just the downpayment we are having trouble making. Just because you are unsucceful and unable to provide, dont take it out on me. My husband and I both work 2 jobs, so f you!!
2007-08-23 07:49:14 · update #1
OMG.....its not a castle people!! Only one person understood the question!! We can make the mortage payments no problem because its less than our rent is right now I just need to find out how to come up with the $5000 in 1 - 2 months. After that, we will be fine!
2007-08-23 07:54:52 · update #2
OK, now people are starting to give me real answers instead of ignoring the question at hand. What is UP with those people who are critical for no reason? They dont even know the whole story!! Thanks to everyone who wasnt negative, and actually got the point!!
2007-08-23 08:38:31 · update #3
OK plain and simple STEP AWAY from all the Bad Advice given so far.. This is your Market, As a Buyer you Ask the Seller to pay all you Fee's and Make your Realtor Write it like this when submitting the Contract in the additional Financing Terms ( Seller to pay $5,000.00 towards Buyers
non-recurring and recurring Closing Cost) or if you need more replace the 5k for what ever # you need to close the deal with, I would prefer if you would yous a % rather then an out right #, Thus making it easier to the eyes of the Seller...
Good Luck! Any questions E-mail me...And NO i'm not here to take your money or try to nor refer you to someone I will just answer your Question and you be on your way...It's my way of giving back to all the wonderful Past Clients....
2007-08-23 15:29:27 · answer #1 · answered by coldwellbanker_michael 2 · 1⤊ 0⤋
Listen to SNWBM! Oh how right s/he is about the money you really need to close - and in today's tight credit market - be extra extra careful about where/how you finance your house.
And while you're looking for a house remember you don't need a starter castle - you need a starter home. A house that's in too rich a neighborhood will eat you alive in mortgage payments - plus you need the furniture, the cars, the clothes, the country club membership etc. to fit into the neighborhood. It's best to start small and affordable and work your way up to a castle.
And don't let the mortgage broker or realtor talk you into borrowing your top limit. What happens if one of you loses your job or gas prices take another huge spike like they did this past year? Byebye budget. Byebye good credit rating and so long house.
Listen to Snwbm - save save save - watch those "financial speed bumps" and make sure they aren't of your own making. Work extra hours or get a PT job - the both of you.
And start small.
And don't be profane. You asked a question and people are giving you good advice. Instead you're being rude and not at all nice. With your childish attitude it's no wonder you can't afford a house. Shesh.
Be grateful you're not being called starry-eyed fools.
2007-08-23 07:51:29 · answer #2 · answered by Barbara B 7 · 0⤊ 2⤋
Contact a mortgage broker or Realtor that may know of good mortgage broker that specializes in first time home buyers programs. These programs can help with down payments and closing costs. It all depends on where you live. Some of these programs you don't have to payback if you live in the house for more than 8 yrs, some you pay back with 0% to 5% interest after 3 or 4 yrs. Again, it depends on the state and county that you want to live in.
If you need help, please contact me and I will be more than happy to help you find someone in your area. driskelrealtor@yahoo.com.
Good Luck and God Bless!!
2007-08-23 08:06:56 · answer #3 · answered by jjdriskel 3 · 1⤊ 0⤋
My thought would be how about "first time buyers money"? They can help with downpayments and/or closing costs. Oh and you could ask for closing costs from a seller...
I certainly hope you are smart enough to be working with a Realtor to help you through all of this? If not why not!? It's free to you and you get the use a someone who is experienced?????..... lol
2007-08-23 08:06:47 · answer #4 · answered by Anonymous · 1⤊ 0⤋
How approximately paying much less for the residing house (to the song of the fee of the maintenance) so as which you would be able to verify that the artwork is performed to hassle-free. the seller isn't likely to care relatively approximately getting a high quality activity carried out while you desire a place to call residing house. If the seller drops the fee you will have the skill to arise with the funds for the maintenance. Is the loan business enterprise going to place a retention on the loan - it relatively is in basic terms a fashion of coming up specific that the artwork gets carried out? that's sturdy leverage with the seller. plenty relies upon on your circumstances and your willingness to handle a house that desires artwork doing, yet i could say which you will sense plenty extra confident concerning the artwork it relatively is being carried out while you're supervising it quite than the seller. regardless of you identify, get the advice of a solicitor concerning the settlement between you and the seller - that's the place you could stipulate the state of the residing house which you assume determining to purchase. sturdy success the two way.
2016-10-03 03:25:02 · answer #5 · answered by ? 4 · 0⤊ 0⤋
You should be able to qualify for first time homebuyers assistance. This will help with a downpayment. Then you can use your money for the "speed bumps". Call HUD, the housing authority and ask about. All ask banks about it. Alternately, try Habitat for Humanity.
2007-08-23 07:44:51 · answer #6 · answered by lambchops5151 3 · 1⤊ 0⤋
That isn't even enough to pay closing costs. You just shouldn't be buying a house until you have your finances in better shape. To buy my first house (of many) I worked 2 full time jobs and a part time job. Try harder.
2007-08-23 07:45:18 · answer #7 · answered by snwbm 4 · 0⤊ 2⤋
Apply for 100% financing.
2007-08-23 08:22:59 · answer #8 · answered by ? 4 · 1⤊ 0⤋