Posted on: 30th Mar, 2010 06:10 pm
Help! My husband and I would like to purchase our first home. We have our a DU approval letter for an FHA loan up to $189,000, but need 3 1/2% down, plus closing costs. We are told that we can ask the seller to pay for up to 3 % closing costs, but this still leaves us with needing at least $6,000. We have $4,000. How can we get help with our downpayment and additional closing costs. I keep looking for grants and stuff, but can't figure out what we need to do. My husband is a 4th grade school teacher and I am on disability due to a heart condition. They won't consider the $600 a month I get for disability and are writing the loan up in just my husband's name which is fine, but we need to get the money together quick or we won't be able to get the $8,000 tax credit and we really need it to be able to afford a house. They say we can't borrow the money for a downpayment even though if we get the house, then we will get the $8,000 after taxes. We have no family or friends who can give us a gift. What can we do? Has anyone gotten a grant to help with a downpayment? Please help. Thank you.
We plan to purchase a home in Riverside County. I've seen places where it says you can get help as long as you don't make more than 120% of the Median Income. Is this correct. My husband will gross about $72,000 next year and my only income is $600 a month from disability until July 1st of this year. Do you think we would be able to get any help?
Hi cathyinky,
There are some states which offer down payment assistance programs to the borrowers so that they qualify for a loan. You need to contact HUD and check out if they can provide any kind of assistance to you in this regard. However, government subsidized programs are typically available for the lower to middle income families.
There are some states which offer down payment assistance programs to the borrowers so that they qualify for a loan. You need to contact HUD and check out if they can provide any kind of assistance to you in this regard. However, government subsidized programs are typically available for the lower to middle income families.
a simple internet search may allow you to find grant providers. generally, they are non-profit organizations, municipalities and the like. your local housing authority (town) might be able to direct you as well. otherwise, you'll need to beg, borrow or steal the extra $2000 you need. and, of course, you'll need more than that anyway, because you'll have other needs in the meantime. can you literally save it in short order? curtail spending?
