Have you contacted your city/county housing or community development departments? Look for them in the government pages of your phone book. There is usually a state housing finance agency to check with if you also want to see what they have to offer.
They have various programs that should be able to help you. These programs vary from county to county and city to city.
They should have down payment assistance programs in place as well as first time homebuyer programs which give you better terms than you would get otherwise. The first time term is somewhat loose. It may mean that you have not owned a home in three years, etc.
The only way to find out what they have is for you to call. A possible 0% interest down payment loan looks appealing though and I think it is worth a call.
This is my delimma. I have a closing date Jan 27 and I’m looking to borrow the down payment of $2500 dollars. I have tried several finance companies but each says that they can’t give me a loan because I don’t have much credit.
All I have is a bally’s account and thats it. I’m taking care of 5 kids and we live in a 2 bedroom apartment. I don’t want to spend $850 dollars on a 3 bedroom apartment when I could use that money on a mortgage.
Please Please is there some one out there who can help with the down payment or find a lender who will loan the the down payment.
My tax refund will be about $2800 dollars. I don’t want to use this program called Nehemiah because they raise the interest and price of the home.
I make $30,000 a year and I would like to use some creative financing. I don’t want to use any of my money. Isn’t this what this site is all about.
So some one out there please give me some advice.
Please remember My closing date is Jan 27. Also I have $1000 towards the down. And I put $500 dollars as earnest money contengent upon financing.
Posted by charles on January 14, 2000 at 20:48:55:
cheryl,
i am sorry but the Nehemiah thing does not necessarily raise the rates as you put it. Nehemiah from my understanding, having met with their Rep. in Arizona, is NOTHING TO DO WITH THE LOAN UNDERWRITING, TERMS, RATE, etc etc-
Your Lender is who decides on the other stuff. If you can convince your seller to pay the closing costs, the Nehemiah 3% gift is the best way to go.
Alternatively, you may try an INvestor who will lend out of his/her IRA at a higher rate, and stick a 2nd mortgage known as a Silent Second. Problem is, most Lenders want to know where the Down money is coming from, and it may need to be seasoned.