Posted on: 24th Sep, 2009 09:14 am
I have been told I can currently qualify for a FHA loan (credit score is 614) but I need 3% down payment. I don't have money for a down payment...someone told me when I find a house I can ask the seller to pay the closing cost and my down payment. Is this true? Do seller's actually agree to this? Is this legal and ok with FHA?
with fha loans, the requirement for down payment is 3.5%, not 3. sellers are not allowed to pay your down payment for you. it is true that a seller can pay closing costs (up to 6% of the purchase price).
if you are first-time homebuyer you may qualify for a program in the area in which you live that would allow for assistance with down payment. most states have programs like that. where are you located?
another alternative for your down payment requirement is gift money. if you have any relatives willing to proffer you the funds, that is allowable.
if you are first-time homebuyer you may qualify for a program in the area in which you live that would allow for assistance with down payment. most states have programs like that. where are you located?
another alternative for your down payment requirement is gift money. if you have any relatives willing to proffer you the funds, that is allowable.
I do not have any family members that would be able to help with down payment. I live in South Carolina
As george mentined, you can probably use the $8000/- tax credit to pay for the down payment
Some of the state govements help you in theis process
Some of the state govements help you in theis process
hold the phone, sunny...i said no such thing.
i said there are many (most) states in this country that have down payment and closing costs assistance programs. this has nothing to do with a tax credit whatsoever.
depending on where the borrower lives, there may be a progam available as i described.
although some locales have come out with programs that involve the tax credit, they are few, and that is absolutely not what i was discussing.
i said there are many (most) states in this country that have down payment and closing costs assistance programs. this has nothing to do with a tax credit whatsoever.
depending on where the borrower lives, there may be a progam available as i described.
although some locales have come out with programs that involve the tax credit, they are few, and that is absolutely not what i was discussing.
My mistake
I think personal loan may help you in this. have you check with local lenders?
kim i hate to say this, but you are way off base. lenders will not look kindly on a borrower taking a personal loan for down payment purposes.
may i ask you where your expertise in this matter comes from?
may i ask you where your expertise in this matter comes from?
If you take a personl loan to make down payment,whenyou goto applay for mor eloan t will be counted against your Debt to incoem ratio resultign in denial of loan, if the Debt to incoem ratio tuns out to be too high