No because that's the whole purpose of having a down payment, right? If you roll your down payment into the loan then there really is no down payment and you're basically doing 100% financing. Go see "The Big Short". The market crashed because of buyers couldn't afford to buy a home and lenders were giving people loans with zero down. Lenders want to see that you have some "skin in the game". With that said...there are a few programs out there that allow buyers to put zero down. One is VA (for eligible veterans). Another is USDA (for rural properties). And some states do offer some sort of down payment assistance, in the form of a grant or a loan. But generally speaking the minimum down is 3% for a conventional loan and 3.5% for an FHA loan. I always caution buyers who don't have $$ for a down payment or closing costs. Buying a home costs money. Owning and maintaining a home costs money. What happens when the furnace dies next winter and you don't have $5K to buy a new one? If you can't afford 3% plus closing costs, maybe you need to wait until circumstances are better for you?... more
Your building department will have all the specifications it requires. There are several important requirements like ceiling height and a safe egress aside from the interior stairs. Its VERY important to get a building permit and comply with the municipality for both safety and insurance reasons.
Single family home statistics for the City & Town of Norwich NY
Average single family home sale prices have actually risen in Norwich from 2011 YTD.
2010-2011(YTD) saw an average List prices of $106,698 with the average sale price being $98,835. D.O.M. (days on market) for the same period was 228. Of the 53 homes sold in this period (within the MLS) the median sale price was $83,000.
2011-2012 (YTD) has seen an average list price of $117,542 with an average sale price being $110,578. D.O.M for the same period was 189 days. Of the 77 homes sold in this period (within the MLS) the median sale price was $90,000.... more
I would suggest that you work with a realtor. A good one will represent you and advise you as to your option.s They could also give you a few names of mortgage people that you can shop. I strongly suggest that you enlist help. It doesn't cost anything but will give you many options.... more
Consider checking out area statistics, research online, visit the area more than once and at different times of day, etc.,-- real estate professionals are prohibited from steering, enticing a buyer to purchase, or not, in specific neighborhoods.... more
You might be able to call the town clerk and get that information. Once a mortgage is granted on a property, it is recorded on the public record. If not, you might want to try a local real estate agent to see if they can find out that information for you. Good luck.
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