I am not low income and dont want to have to buy a book...but i will if necassary. I have 5 people in my family and i am going to school. need as much money anyone can give to help in buying a home :)
2007-12-08 16:42:21 · 6 answers · asked by shannon1420 1 in Business & Finance ➔ Renting & Real Estate
Check with the housing department of your local city and county. There are often down-payment assistance programs available for first time buyers of modest means. That could be a grant, but it could also be a loan with great terms. Some of those loans even get forgiven if you stay in the house long enough.
2007-12-08 16:49:40 · answer #1 · answered by artwhiterealtor 3 · 0⤊ 0⤋
One of the greatest challenges that first time home buyers often face is coming up with a down payment to get the ball rolling. If you had the money, in savings, investment accounts, or work bonuses, you wouldn’t likely be inquiring. Here are some common places where others have found the money for a down payment on their mortgage.
A withdrawal from a traditional IRA or Roth IRA
A loan against a 401K
Creative funding the same as someone who doesn’t qualify for a traditional mortgage
Before you borrow against a retirement fund, make sure that you thoroughly understand the risks and pitfalls. The company in charge of the fund will be able to explain the whys and why-nots of borrowing against your particular plan.
2015-05-15 13:58:54 · answer #2 · answered by Ronny 1 · 0⤊ 0⤋
The Genesis program costs only $200 fee. I have used this program several times and it works. The seller pays the closing and the down payment. Everything is done at settlement, unlike the nehemiah program which requires the money to be sent to nehemiah first.
We have done all the Genesis loans via FHA.
2007-12-09 02:36:39 · answer #3 · answered by Anonymous · 0⤊ 1⤋
If you cannot afford the down payment and closing costs you probably cannot afford to buy a house right now. Keep waiting, building your credit and saving money.
2007-12-09 01:07:32 · answer #4 · answered by ebosgramma 5 · 0⤊ 1⤋
Artwhite is correct. Check with a local realtor that could help you with that as well. Some are very knowledgeable in that area.
2007-12-08 17:00:34 · answer #5 · answered by Big Deal Maker 7 · 0⤊ 0⤋
Hell, get a student loan and use it for the down payment.
Empireteam.com
2007-12-08 17:20:54 · answer #6 · answered by Empire Realty - Upland CA 2 · 1⤊ 1⤋