Posted on: 29th Jan, 2008 12:55 pm
Another program most have is a Fannie Mae Homestyle loan. It may require a 5% down payment though. There are ways to get around that with grant money. Just beware of the current declining market conditions that require a 5% additional cut possibly requiring 10% down payment.
Hope this helps!
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Greg,
That's indeed a great piece of information. But I suppose the criteria and eligibility requirements would vary slightly from one lender to another isn't it?
That's indeed a great piece of information. But I suppose the criteria and eligibility requirements would vary slightly from one lender to another isn't it?
Yes. It is a general idea on the programs but the numbers and allowable work can vary.
Sorry, I forgot to login!
Hi Greg,
This really helps :)
But I have a question here. You have said "Down Payment requirements of 5% or up to 25%". Say the buyer cannot afford the down payment. So is it possible that the seller or the lender pay the down payment for the buyer?
Thank you,
This really helps :)
But I have a question here. You have said "Down Payment requirements of 5% or up to 25%". Say the buyer cannot afford the down payment. So is it possible that the seller or the lender pay the down payment for the buyer?
Thank you,
On an FHA 203k yess it is allowbale for the seller to gift the money.......3%....for the down payment.
