Home Buying in Hempstead>Question Details

princess_k37, Home Buyer in Livingston County, NY

Are there any downpayment / closing assistance program for livingston county?

Asked by princess_k37, Livingston County, NY Thu Nov 1, 2012

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John Burke’s answer
Hi Princess_k37,

All of Livingston County, NY is eligible for the no money down USDA mortgage.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
0 votes Thank Flag Link Fri Nov 2, 2012
Nice answer John Burke. Exactly right on, nice to see a correct answer. Thank You
0 votes Thank Flag Link Sun Jan 13, 2013
Hi Princess: If there is any assistance on closing cost/down payments I would look into home that have been foreclosed upon. They are usually HUD homes, where they pay up to 3% of closing costs. They do not pay for warranties nor personal property. I would suggest you contacting a local Realtor who specializes in this market. if you are not sure who to seek for this sale, please email me at betty.stroll@raveis.com with your contact information and Id be happy to assist you.
Good Luck in your search!
0 votes Thank Flag Link Thu Nov 1, 2012
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