Home Buying in 10704>Question Details

Jennifer, Renter in Yonkers, NY

Hi, I am a first time buyer and have good credit but i do not have money upfront for down payment. Any advice?

Asked by Jennifer, Yonkers, NY Mon Jul 29, 2013

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You could always try to have the down payment gifted and do a SONYMA loan if you qualify. I would speak directly to a mortgage professional and see what options they give you.

1 vote Thank Flag Link Mon Jul 29, 2013
Sonyma really great.. i will give it a shot! Thanks so much!
Flag Mon Jul 29, 2013
1. I will write down goals. Stop reading now. Get paper and pencil, PDA, laptop or whatever you use and begin writing. Jot down what you want to accomplish this year. It must have a due date and must have a cost amount attached. Post it up somewhere you go everyday.

2. I will Save 10% of each payday. Whatever income you take home on a regular basis, divide by ten and start saving. You can ask your HR department to set up a contribution account for you. Name the account “New Coop” or “New Home Only”; something that reminds you of why the account was created.

3. I will use my tax dollars. Go research your target towns. Your education dept tells you how many dollars they spend on each student. Your county assessor tells you how much tax you will pay. Your planning department will tell you about new developments in town. Your police department will give you crime statistics. You already pay for it. Use it.

4. I will put my vice money in the DOWN jar. Turn a bad habit into a good habit. Taking that money from smoking, drinking, excess eating, or whatever and put it in a jar labeled D-O-W-N. That stands for Doing Ownership Work Now. This is the start of your down payment money.

5. I will visit my neighborhood once a month. Drive, take the train, bus or walk around your target neighborhood. Go shopping there, go for ice cream, go to the bank, and walk around the schools. You will learn more than you ever imagined.

6. I will ask for help. Create a page called “Important People.” It should have the name and contact number of the following: your best friend, your attorney, your banker, your local politician, your accountant, your religious leader, one police officer you know and trust, one crook you know and trust and your Realtor (my number is 917-855-0277).

7. Never ever give up. No matter how dark the future looks, do not give up. You will not be turned back. If you fall, you will get up. If you go broke, you will start again. If they say you can’t, tell them to stuff it. You can will it to happen, if you believe in yourself.

If you need help...@AskReynet.

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
Web Reference: http://AskRey.net
1 vote Thank Flag Link Mon Jul 29, 2013
Hi Rey,
Awesome points and advice! I will def start aiming towards covering all of this. Expecially since i have a two year old :). Appreciate your help! will keep you as contact! Thanks,
Flag Mon Jul 29, 2013
I would speak with Vernise, she is a very talented agent who can offer you some great information!
0 votes Thank Flag Link Sun Aug 18, 2013
Have you heard of the first time home buyer program offered by a non for profit organization in Westchester County? It's a best kept secret and fantastic opportunity.
You will have to contact me directly for the info.

-Vernise Cardillo
0 votes Thank Flag Link Mon Jul 29, 2013
Hi Vernice. .I will contact you today. Thank you.
Flag Thu Aug 29, 2013
Not really but i am interesting to hear about it. Email me jennygenao15@hotmail.com
Flag Mon Jul 29, 2013
Appreciate everyone's advice and key points as to how to save better!.. Thank you so much!! will keep a few people as contacts..
0 votes Thank Flag Link Mon Jul 29, 2013

Your best option for now would be to lease for 6 month's to a year and save as much money you can. In the meantime, keep your credit high. Depending on what housing type you are looking, houses for FHA loans will be 3.5% down. Condo's could be the same but need to make sure they are FHA approved. If not, 5% down will be your best option. Don't pull the trigger just yet and figure out your options.
0 votes Thank Flag Link Mon Jul 29, 2013
Consider saving additional money; keep in mind FHA loans only require 3.5%....
0 votes Thank Flag Link Mon Jul 29, 2013
There are two ways to answer your question. Firstly, you should not purchase a residence if you have no reserves in the bank. If you live from paycheck to paycheck purchasing something without reserves puts you in a position that if you loose your job you put your new purchase in jepoardy. If in fact you want to take the chance and live on the edge, there are small banks that have programs for little to no down payments. Call me at 914-393-8044.
0 votes Thank Flag Link Mon Jul 29, 2013
As you may know, there are plenty of items to get in place as a first time home buyer.
If you'd like to discus all of your options, please feel free to call me. I do a lot of work with first time home buyers and they find my legal expertise quite helpful.
Please feel free to call me or email me with any questions.
I look forward to hearing from you.

"$1,500.00 Cash Back at closing when you Buy or Sell with R I G Realty!"
0 votes Thank Flag Link Mon Jul 29, 2013
Depending on the property, you may be able to get either an FHA loan at 3.5% or a 203 Loan with money back to pay closing costs as well as repairs.
0 votes Thank Flag Link Mon Jul 29, 2013
Save money, cut back here and there until you can. FHA needs 3.5% down.
0 votes Thank Flag Link Mon Jul 29, 2013
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