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What are some ways that I can obtain money for a down payment on a house if I have no savings?
I have very good credit, a job, and only small amounts of college loans of my own, but I do not have the 5% I'd like to put down for a down payment on a $250k house I have found (the house is in Massachusetts). Are there any ways that I can receive financial help with the down payment from any government or non-profit institutions? Anyone know of any "first time home buyer" programs that might be able to help?
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1. Seriously, how many houses you have searched? it is a buyer's market, you can ask down the price to another 10k or so. Don't give them what they ask for.
2. There is a soft_second program in your state. Go to the website and take a look at it.
http://www.mhp.net/homeownership/homebuyer/soft_second_works.php
3. Do you have a real estate broker? Ask them whats is available for the first time home buyer program in your state?
4. Go to the local bank mortgage division, ask around, they will give you good advice without charging you a cent. They know. Like wellsfargo, chase, citibanks.
5. I just bought a home last year, what I would do is
- Ask your parents loan you $7,500 with zero interest if the seller does not want to pay down 3% for you.
- If this doesn't work, ask a bank for a small loan, $7500 is not a big deal for a bank. Either they will ask for your car for collateral(with lower interest rate) or none collateral(with higher interest payment)
2. There is a soft_second program in your state. Go to the website and take a look at it.
http://www.mhp.net/homeownership/homebuyer/soft_second_works.php
3. Do you have a real estate broker? Ask them whats is available for the first time home buyer program in your state?
4. Go to the local bank mortgage division, ask around, they will give you good advice without charging you a cent. They know. Like wellsfargo, chase, citibanks.
5. I just bought a home last year, what I would do is
- Ask your parents loan you $7,500 with zero interest if the seller does not want to pay down 3% for you.
- If this doesn't work, ask a bank for a small loan, $7500 is not a big deal for a bank. Either they will ask for your car for collateral(with lower interest rate) or none collateral(with higher interest payment)
source(s):
Real life experience bought a house with a first time home buyer program in Denver, CO.
Real life experience bought a house with a first time home buyer program in Denver, CO.
make an offer and ask the seller to bring 3% to the closing. the real estate people will like it (as their commission is based on the higher number)
are you working with a mortgage broker? they know all the tricks (it's their business) and they know what their underwriters will and won't allow.
if you don't have a mortgage broker, ask your real estate agent for the names of two or three that they recommend. thenmeet with them and go with the one you like.
they're hungry for sales.
sellers are interested in selling. maybe you can make a 200k offer on that 250k property. no, that's not a 20% "down payment" but it's going to make your downpayment a lot less.
good luck.
are you working with a mortgage broker? they know all the tricks (it's their business) and they know what their underwriters will and won't allow.
if you don't have a mortgage broker, ask your real estate agent for the names of two or three that they recommend. thenmeet with them and go with the one you like.
they're hungry for sales.
sellers are interested in selling. maybe you can make a 200k offer on that 250k property. no, that's not a 20% "down payment" but it's going to make your downpayment a lot less.
good luck.
source(s):
working next to a mortgage broker for 3 years and eating lunch with them 2-4 times a month.
working next to a mortgage broker for 3 years and eating lunch with them 2-4 times a month.
Depending on how desperate the seller is, you might be able to talk him/her into a lease/option or lease purchase agreement. The seller is likely to require somewhat less than a 5% down payment and that money will be at risk if you don't pick up the option or buy the house, but in the intervening time, maybe a year or 18 months, you should be able to save enough to make a proper down payment and qualify for a "conventional" loan.
At the least, you could see if you really like the house/neighborhood/climate well enough.
Services like Craigslist and local classifieds are often better sources for this kind of deal than real estate agents, though some agents have the patience to work their way through them.
There are several web sites which sell legal forms at reasonable rates--it's always a caveat emptor proposition, but I wouldn't want to try to write up an agreement like this without some kind of (semi-)professional help.
At the least, you could see if you really like the house/neighborhood/climate well enough.
Services like Craigslist and local classifieds are often better sources for this kind of deal than real estate agents, though some agents have the patience to work their way through them.
There are several web sites which sell legal forms at reasonable rates--it's always a caveat emptor proposition, but I wouldn't want to try to write up an agreement like this without some kind of (semi-)professional help.
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