Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
There are a few programs to help you with closing costs and down payment, but you would need a minimum of 1% of your own funds. If you combine both programs you can get a total of 6% towards your purchase. Please look at the following websites.
We specialize in these types of programs and can help educate you about the Pros and Cons of each.
A lot of great answers below. Let me reiterate a few of the important points:
1) For FHA, make sure the project is already approved. This very short video explains the options if it is not. http://www.youtube.com/watch?v=77lOV2wOps8
2) Homepath is another option for condos and this video explains that program: http://www.youtube.com/watch?v=KC2n40yGE2w
3) Finally, we are a lender that offers the CHF grant program to assist with the down payment. Here is the flyer for that: http://actvra.in/c2B
Good luck and let me know if I can help!
In addition, you should be lining yourself up with a good lender, and I have one of those to recommend, as well.
Good luck in sorting out great solutions for your home finding needs.
Bob Phillips - Realty One Group - 949-643-2100
It requires only a HALF a percent down,,,then you can ask a seller to pay all of your closing costs & for your price you're getting into the house for between $1000-1350.
Please email me directly if you'd like more information about this, I won't look back on this same Trulia posting for new answers.
Realtor Since 1996
Main Street Realtors
Usually your earnest money is about 1% of the sales price but anywhere between $2-5k is common in Orange County from what I've seen on my recent transactions.
So out of pocket expenses will be:
1. Earnest money
2. Home inspection
Usually everything else is due at closing, and you can get the seller to credit up to 6% of the sales price (if you are using FHA financing) to cover those costs (as well as reimburse you for the out of pocket home inspection & appraisal fees). The earnest money deposit is applied towards any funds due at closing (such as the down payment and any part of the closing costs the seller isn't paying for).
If you need further help let me know.
Scott Bingham - Beach Cities Real Estate
Phenomenal deals right now on Condos in So OC, that's the Good news!
Here to help anytime