Financing in Atlanta>Question Details

Greg, Home Buyer in Atlanta, GA

I need to buy a house yesterday but cannot afford a 10% down payment w closing costs etc... I have an average FICO of 780-800. What can I do?

Asked by Greg, Atlanta, GA Thu Jul 1, 2010

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As Maggie suggests, FHA probably is the first option to consider. If you're a veteran, consider a VA loan--that's 100% financing.

Or ask for seller assistance with closing costs. Rather than making an offer of, say, $300,000, you make an offer of $300,000 with the seller contributing $9,000 to closing costs. Or--if the appraisal will support it--offer $309,000 with the seller contributing $9,000 to closing costs. That can knock up to 3% off your expenses.

Or look at creative financing options--owner financing, for instance. Or lease-purchase, land contract, contract for deed, lease-option, and so on. In those, you won't get immediate ownership, but you will (generally) lock in a price and a time frame in which to complete the transaction.

Or find a seller willing to sell "subject to" (also called "Sub 2") the existing mortgage. Not too many will, but some do. In this case, the seller deeds the property to you. You, in turn, make the mortgage payments. At some point in the future, you refinance, removing the mortgage from the seller's name.

Or find an investor and do an equity-sharing arrangement. The seller puts up some cash in return for partial ownership in the property.

There are plenty of other ways, too. But those may provide you some starting points.

Hope that helps.
1 vote Thank Flag Link Thu Jul 1, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
There are many different ways to buy a house with less than 10% down payment. Contact a professional and look for houses you want. As others have said, a seller might be willing to finance under the right conditions. Don't depend entirely on Trulia answers. Contact the right people, and go for it! Good luck in your search. (See my profile.)
1 vote Thank Flag Link Wed Aug 4, 2010
Why not make an offer with seller financing? Plus, you could also ask the seller to pay for the closing costs.
1 vote Thank Flag Link Sun Jul 18, 2010
hello , i can help you in your finance situation, you just get to me on micheal,smith552@yahoo.com
0 votes Thank Flag Link Thu Jan 16, 2014
Maggie with your credit score you can do a 97% Conventional loan and your payments will be better than going FHA give me a call I am available 7 days a week and after hours.

Marc D’Angelo
Mortgage Banker
678.442.3405 Office
678.985.6834 Fax
404.925.8291 Cell
mdangelo@brandmortgage.com
apply online: mdangelo.brandmortgage.com


50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
0 votes Thank Flag Link Tue Jan 14, 2014
Im sorry cfullmer@mylhm.com
0 votes Thank Flag Link Wed Nov 13, 2013
Greg , I can help you get into a home with a Low Down payment . Send me an email at cfllmer@mylhm.com
0 votes Thank Flag Link Wed Nov 13, 2013
Go to Homepath.com and look for a home in your area. Fannie Mae is offering fiancing with as little as 3% down payment owner occupied. Plus much more.
0 votes Thank Flag Link Wed Aug 11, 2010
Just a comment, I remember when I bought my first home (dating myself, it cost about 55,000) and I couldn't afford the down payment. I waited till I could save up more money.
0 votes Thank Flag Link Wed Aug 11, 2010
Hi Greg, check out fha rates at http://www.fha-rates-today.com, 3.5% and with seller paid closing costs, and a lender credit you should be able to purchase a larger home. 30 year fixed rates are under 4.5% now and at all time lows.
0 votes Thank Flag Link Sun Jul 18, 2010
Greg, have you found a lender to help you wit your financing yet? There are many options available to you...
Web Reference: http://kimdjones.com
0 votes Thank Flag Link Mon Jul 12, 2010
If you have $1500, the program I mentioned in my last reply will help you buy at least a $200K home - there are other programs as well. The Wise Buyer Program provides up to $5000 worth of free home structural evaluations - there is nothing else like it. Contact me for details.

Robert Whitfield
Broker/Owner - Realtor
ICC Code Certified Building Inspection Expert
Advantage Realtors
678-585-9691
0 votes Thank Flag Link Mon Jul 5, 2010
Greetings Greg,
I have a motivated seller interested in offering concessions that may be beneficial to you.

Take a look at this property and see if it will meet your needs. http://www.470harlanrd.z57websites.com/

Updated home, easy access to interstates, stable neighborhood and brick.

Good Luck,
0 votes Thank Flag Link Sat Jul 3, 2010
Greg,

Please see if you qualify (based on household income) for down payment assistance. These programs allow you to borrow the down payment interest-free with no monthly payments for as long as the property is owner-occupied and not refinanced.

One of the most popular ones right now is the five-one match which is great for those who missed out on the home buyer tax credit. Once your contribution reaches $1,500 (deposit, appraisal, inspection, etc.), the program will add an additional $7500. This one is so popular right now because the loan is forgiven in five years.

If you are not working with an agent, please review the programs and flyers to the left of the screen at the link below and then call me for more information.

Thanks
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Thu Jul 1, 2010
Hi Greg,

First, a FICO of 780-800 is not average, its excellent! The FHA is the best loan vehicle, however, there are several downpayment assistance programs I can help you with including one that provides you with $5 for every dollar you contribute up to $7500 -its good all over GA.

Regards,

Robert Whitfield
Broker/Owner - Realtor
ICC Code Certified Building Inspection Expert
Advantage Realtors
678-585-9691
0 votes Thank Flag Link Thu Jul 1, 2010
Greg,
Your credit scores are good. Talk to a lender about an FHA mortgage. You are only required to put 3.5% down.

Another possibility would be a Homepath mortgage. Some of the bank-owned properties offer this kind of financing to qualified Buyers.

I don't understand what you mean when you say "I need to buy a house yesterday . . ." Are you talking about the federal tax credit?

Last night, the Senate signed the bill to extend the deadline for all affected closings from June 30 to September 30, but your purchase and sale contract had to be written and accepted by April 30 to have been eligible for the credit.

All the best,
Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty Corp.
0 votes Thank Flag Link Thu Jul 1, 2010
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