Home Buying in Syracuse>Question Details

dedcny, Home Buyer in Syracuse, NY

Do programs or loans still exists that allow a 0 to 3% down payment?

Asked by dedcny, Syracuse, NY Thu Jun 20, 2013

Recently remarried, my wife and I have $11,000 cash with minimal debt...but the closing costs in the ST of NY are killers. which lending institutions in the SYR area are most reasonable and helpful?

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I sold him a house this post is from June.
0 votes Thank Flag Link Mon Oct 28, 2013
You need to have closing costs covered by the seller or negotiated into the loan so you don't have to pay out of pocket for closing just the down payment. You can talk to a lender and get approved with The Lenders Network and they can get you a Realtor that will make sure most if not all closing costs are covered.
0 votes Thank Flag Link Mon Oct 28, 2013
Guidelines for closing costs and interest rates do not vary significantly in our area. If you go with any local lender that your Realtor recommends you will have competitive rates and terms. The advantage of going with your Realtors suggestion is that the loan officer involved will pay special attention to your file. Not a big deal if there are no problems. But, it can make a huge difference if there are any problems. Bottom line - go with your agent's recommendaiton.

Bill & Sharon

PS If you do not have an agent, give us a call (315.345.4056) - we would be glad to help.
0 votes Thank Flag Link Fri Jul 5, 2013

The USDA Rural Housing loan allows for 100% financing. There are income limits depending on family size as well as specific eligible areas.
Call me for more details.


Douglas Isbell

0 votes Thank Flag Link Thu Jun 20, 2013
Great question!

The reason that the closing costs are so high is due to the property taxes that need to be paid up front in escrow when a borrower puts less than 20% down.

There are many mortgage banks and brokers out there... our clients have had great success with Jason Miller at Prime Lending - 315- 244-7831

70% of all loans written in this areas are FHA loans that require 3.5% down payment. Unlike some of the other suggestions on this forum, I would encourage you to pay your closing costs if you have the money, rather than roll them into the mortgage. I would also purchase a home under $170,000 due to tax rates and if your exit plan is to stay in the home no longer than 3 years.

Many home buyers that roll in the closing costs have trouble selling in the future due to a negative equity position.


I hope this helps!
0 votes Thank Flag Link Thu Jun 20, 2013
FHA mortgages require 3.5% down and you can borrow closing costs up to 6% if you put down 3.5% of your own money. My clients love Prime Lending (Dave Allen) 561-2742. They have a float down option which allows you to go to a lower interest rate if the rates go down before you close at no charge when you have already locked in at a higher rate!!! I work in all areas of Onondaga County and have 25 years of experience. Feel free to contact me. I would love to help you!!!
0 votes Thank Flag Link Thu Jun 20, 2013
You could also look at doing an FHA Mortgage. They require 3.5 down and you can ask for up to 6 percent back in sellers concessions. I would love to help you in your house search! It is exciting and overwhelming all at the same time!
0 votes Thank Flag Link Thu Jun 20, 2013
There are Loans (USDA) available that will allow you to purchase a home with under $1000 in cash, depending upon the location. If you want to purchase a home in an area that does not qualifiy for a USDA loan, $11,000 in cash would be enough to buy a home valued at $200,000 - or little more, depending on the taxes. If you contact us we can give you contact information for local lenders with whom we have worked.
0 votes Thank Flag Link Thu Jun 20, 2013
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