Others have already provided some good advice. Bottom line is there are still plenty of programs for 1st time Homebuyers and even 2nd time buyers provided current residence is being sold. There is one local bank that is even subsidizing the FHA rate down to 3.25% and offering up to $3,000 in closing cost assistance. Of course, if you needed more, you can always build in a Seller's Assist where permitted.
First step is finding a licensed Realtor to work with. You should interview a few to find one you feel you can trust to represent your best interests and negotiate a good deal for you. If you haven't chosen a Realtor to work with yet, I'd be happy to interview for the job. Please feel free to call me anytime.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell (267) 254-7994
You have been getting some good advice. And, to answer your question, yes, there are some programs that include closing cost assistance. Some have income criteria, some are limited to properties in particular neighborhoods. I would be happy to sit down with you and go over the possibilities.
Kathleen Sheridan, Realtor
Weichert, Realtors - McCarthy Associates
6901 Germantown Ave, Philadelphia, PA 19119
Office:215-843-1414 ext 230
Most buyers always worry about the mortgage and closing costs first and I always tell consumers that that is like putting the cart before the horse. I find out that most buyers are not familiar with the actual home buying experience. My professional advice to anyone who is a first-time buyer is to first find yourself a buyer agent and if you are not familiar with what a buyer agent is or does, you can go to http://rebac.net/ and there you will find a lot of information about how hiring your own buyer agent will benefit you in many ways.
Once you have your own buyer agent, that agent can advise you on the next steps. They can help you find a mortgage consultant. Usually an agent has a trusting working relationship with a mortgage consultant that they can direct you to. You do not have to use that mortgage consultant if you feel uncomfortable with them. Remember though, the mortgage consultant that you choose should attend your settlement with you. It is my professional opinion that when a mortgage consultant says that they won't be attending your settlement it's because they don't have your best interest at heart. It's like your agent telling you that they won't be at your settlement. Both the agent and the mortgage consultant should be with you through the entire transaction and beyond.
Once you find your buyer agent and the mortgage consultant, then you can find out about any programs you might qualify for. Your agent can also help you save money by getting you seller assist.
This is just a start. If you are interested in learning more, you can go to my website at http://www.reneeporsia.com and read my blog or watch my videos that I created for consumers. If you would like to discuss your situation further, please feel free to e-mail me at firstname.lastname@example.org or you can contact me directly at (215) 669-0589.
I hope this helps a bit.
(215) 669-0589 Direct
(215) 358-1100 Office (ask for Renee)
Proudly servicing all of Philadelphia, Bucks & Montgomery Counties for over 11 years now.
I provide a buyer's incentive to my clients to assist them in covering their closing costs. This incentive is equal to half of the commissions I receive for representing them in their purchases. When a client recently purchased a $290,000 home, I was able to provide her with $4350 to help her defray the $11,726 in closing costs associated with the purchase. Should my clients need further closing cost assistance, we include a request for a seller assist (as detailed in earlier posts by my colleagues) in the purchase agreement.
My approach is unique and reflects my recognition that purchasers today play an active role in the search for a new home and should be rewarded for it. They are able to do this by accessing a wealth of information available on the internet. Tiffani, your use of this site and your desire to educate yourself about the buying process, is a perfect example of that.
In closing, a seller's assist is not free money. It's ultimately wound into the amount that a Buyer finances. The closing cost incentive I provide my clients, however, is free because it serves as an expression of my gratitude for partnering with me to find you your perfect home.
Owner, Independent Custom Realty, LLP
429 South 16th Street
Corner of 16th & Lombard Streets
Philadelphia, PA 19146
There are 2 options for you here:
1. Qualify for a state closing cost credit based on your income and assets. Only certain people will qualify.
2. Present an offer on a home that allows you to get a credit from the seller to help pay for closing costs. This can be negotiated on any deal, but the amount will vary.
If you need any help getting started, please let me know and I'll assist you.
Timothy Garrity | Realtor & Consultant
Licensed Real Estate Salesperson - #RS314897
There are several programs to cover closing costs and their are opportunities to have the seller pay for some or all of the costs. I would be happy to share an overview of the home buying process with you and put you in touch with the right lender. Feel free to contact me at your earliest convenience.
You can request up to 6% of the purchase price to help toward closing costs as part of your offer & negotiating with the sellers. It's available for anyone - you don't have to be a first-time home buyer. For example....
You offer $100,000 to a seller for a house, with 6% seller assist. You plan to put 3.5% down payment
This means your loan will be: $96,500
Your down payment will be: $3,500
and you will receive $6,000 at settlement from the seller toward your closing costs.
This also means the seller will receive not $100,000, but $94,000 as their net sale price.