In order to avoid closing costs, there are 2 good options if you're a buyer:
1. When negotiating with a seller, have he/she provide you with a closing cost credit as part of the deal (FHA allows up to 6% seller's assistance).
2. If #1 doesn't work, offer to pay a higher price for the seller's home and get a closing cost credit (just be wary of homes values in the area; you don't want to pay too much and have the appraisal come in low).
If you need anything else, just let me know.
Timothy Garrity | Realtor & Consultant
Licensed Real Estate Salesperson - #RS314897
Most programs are a mix of a few different things that allow you to purchase a home with minimal down. As mentioned below this can be accomplished through a number of different ways.
1) Seller Assist
2) PHFA loans
3) Grants from the city of Philadelphia
4) Grants from individual banks
I specialize in working with first time home buyers. Contact me if you have any other questions.
Hope that helps.
If you are interested in receiving our home buyer newsletter by email that would include current tips in the Philadelphia area for saving money on closing costs ...
You can simply register by texting SAVE to the number 42828 on your cellphone or mobile device.
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or by phone at 215-625-3660.
Best of luck to you in finding the home of your dreams!
There is a program that offers zero down, zero closing costs, with less than perfect credit: and you will also be able to have a rate 1% below market. This program is offered though the Neighborhood Stabilization Program. If you would like more information, I can be contacted at 267-348-4008.
I just closed a deal for my first home buyer who utilized different programs together and paid almost nothing at the settlement, however, she had to put $1000 for earnest deposit, home inspection and loan application.
as first home buyer, you may utilize:
1. FHA loan with only 3.5% down payment
2. ask seller for 3-6% seller assist towards closing cost
3. PHFA Keystone Assistance Loan for closing cost and down payment for either $1,500 or 3,000 with "0" interest. http://www.phfa.org/consumers/homebuyers/khlprograms.aspx. you have to pay back when you sell, transfer or pay off your loan.
4. first home buyer closing cost grant, $500 (free with no pay back needed) from the city.
for #3 and #4, you have to participate and complete the first home buyer counseling program with the agencies authorized by HUD:
First thing first, you need to find a mortgage broker or bank loan officer to check your credit, you may contact me if you need referrals for the lender who has experience working with these programs.
i would be happy to assist you for the house hunting after you are pre-approved by the lender.
Please feel free to contact me via email or cell phone at 267-254-4405.
Look forward to hearing from you and good luck.
Qing Hui Wang(Emily)
Realtor Licensed in PA
Bilingual in Mandarin
Century 21 Advantage Gold
5267 Roosevelt Blvd,
Philadelphia, PA 19124
Prefer Cell: 267-254-4405
Office fax: 215-537-4818
Voice mail: 215-671-4700 x 1407
Please see my blog for more tips and advice on getting a mortgage
but that expires on Oct. 31st, and the Escrow would have to CLOSE by Oct. 31st.
As far as NO DOWN; that would describe a VA loan or a USDA Loan, but you didn't say you were a Veteran nor that you were buying RURAL.
Enlist a good Realtor who will find out if there are any local programs for Down Payment assistance, and whether the Home Path Program has been extended.
Good luck and may God bless.