Assistance with down payment?

posted 3 years ago in Home
Post # 3
Member
943 posts
Busy bee
  • Wedding: October 2012

@FutureMrsV2016:  Your lender might be able to offer assistance, and you can ask for seller assistance with closing (not sure how that works with foreclosures). Also, if your home is eligible, you might want to look into a USDA loan, which is $0 down.

Post # 5
Member
6866 posts
Busy Beekeeper
  • Wedding: March 2014 - A castle!

@FutureMrsV2016:  My understanding is that you cannot get a foreclosure with an FHA loan… I am no realtor though.

Post # 6
Member
732 posts
Busy bee
  • Wedding: September 2012

@FutureDrAtkins:  Yes.

 

It is hard, if not impossible,  to get an FHA loan on a foreclosure because the house usually won’t pass an FHA inspection.

When we bought our home last year, there a was a $1000 down payment program for first time buyers, I’m not sure if that is still an option. However, to get a WAY better interest rate we didn’t do that and put down %3.5.

Post # 7
Member
6866 posts
Busy Beekeeper
  • Wedding: March 2014 - A castle!

@Kjeff760:  I thought I remembered that. We bought a house in 2012, and went FHA, and I remember the realtor saying that we shouldn’t even bother going inside one house with peeling siding and then explained why we didn’t have any foreclosures on the schedule for the day either. FHA is very strict with their regulations. 

OP, 3.5% down is really a steal anyways. Just negotiate so that the sellers pay closing costs. If he has a decent job you should be able to save for that in no time.

Leave a comment


Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors