Home Buying in 11236>Question Details

Nicole White, Renter in Brooklyn, NY

Can anyone help me with programs for first time home buyers? I'm looking for assistance with the down payment.

Asked by Nicole White, Brooklyn, NY Sun Mar 23, 2014

Down payment help/program!

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Answers

5
Coming up with the down payment money is like wanting to loose weight! It takes work and discipline as well as realistic expectations.
1.) do not be in high rent apartment, compromise, save your money.
2.) Do not expect to buy your dream home in your first purchase.
3.) Cut your budgets on everything and keep your mind on your goal.
4.) Pool all your savings and retirement funds; that can be used for the purchase of a primary residence without penalty.
5.) Your first purchase is a co-op; closings costs are cheaper and will be easier to resell if you buy into the right building. A condo if it becomes full of investors, owners renting them out, will not be saleable.
6.) If you bought the right apartment in the right neighborhood, make some improvements and sell at a profit. That is TAX FREE money towards your bigger down payment.

I have client who bought & sold three apartments before she settled into her dream house. She bought filthy, dirty apartments that did not show well, but they were in great buildings in good locations. All she did was clean, scrub and wash the windows in her first apartment. That was in 2007, she made $50,000 profit, the next apartment she made over $100,000 profit,.... by 2012 she had $400,000 for a down payment on a two family in Lefferts Gardens....she is staying put for a while now.

Kathryn Lilly, Broker'
Realty on the Greene, LLC
718-614-5542
KLilly@RealtyontheGreene.com
0 votes Thank Flag Link Mon Mar 24, 2014
You can read about the NYC Homefirst Down Payment Assistance Program by going to the following link:

http://www.nyc.gov/html/housinginfo/html/homeownership/home_…

Also for FHA loans certain Charitable Organizations can provide a gift of down payment in additional to other individuals.

If you like to discuss my contact information is given below.

Thanks

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes Thank Flag Link Mon Mar 24, 2014
Contact some lenders regarding these types of programs. They require more work and pay less. Some lenders may not be familiar with them and erroneously say there aren't any programs or that you don't qualify.

Keep calling until you get someone who understands these types of programs and how to lend in conjunction with them.

Check city and county websites for information, as they may have programs for low or moderate income buyers and/or first time buyers.

Be prepared to attend a class and/or interview with a home counselor or administrator of the program.

I don't know your area, but I do think there should be something out there for which you may qualify.
0 votes Thank Flag Link Sun Mar 23, 2014
Nicole, there is programs available. Some require you to have some of your own money and a few don't. There are several different requirements for you to qualify for these programs. I can provide some info you can start with and see what happens from there. Obviously, if you either saved some of your own money, obtained gift funds from family, or used money from your retirement account, would all be better options for you. Feel free to contact me anytime. Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 290 Broad Hollow Road, Suite 402E • Melville, NY 11747 • jmeneses@snb.com • (516) 606-9648 Cell • (631) 659-2011 Office • (516) 918-5383 Fax
0 votes Thank Flag Link Sun Mar 23, 2014
Nicole, there is programs available. Some require you to have some of your own money and a few don't. There are several different requirements for you to qualify for these programs. I can provide some info you can start with and see what happens from there. Obviously, if you either saved some of your own money, obtained gift funds from family, or used money from your retirement account, would all be better options for you. Feel free to contact me anytime. Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 290 Broad Hollow Road, Suite 402E • Melville, NY 11747 • jmeneses@snb.com • (516) 606-9648 Cell • (631) 659-2011 Office • (516) 918-5383 Fax
0 votes Thank Flag Link Sun Mar 23, 2014
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