Question Details

PrettyinPink, Home Seller in Oklahoma City, OK

I am approved for an FHA loan but i do not have any money for down paymt. and I am NOT a 1st time home

Asked by PrettyinPink, Oklahoma City, OK Fri Aug 21, 2009

buyer. Credit is exceleent. Are there any other options available to buy this home??

Help the community by answering this question:


You have pretty much 3 options:
1) Borrow the money from a family member or 401K
2) Get a gift from an immediate family member
3) See if your state or county has a grant program which can be used towards the purchase of a home. Some states have grant programs which are either funds or a 2nd mortgage which can be used towards a home purchase.

Other than that, I don't have an answer for you.
Let me know if you have any questions
Luke Allison
Bank of America Home Loans
0 votes Thank Flag Link Fri Aug 21, 2009
By first time home buyer, it is meant but not widely known that this means that you have not owned a home in the past 36 months in most places.
Web Reference:
0 votes Thank Flag Link Fri Aug 21, 2009
With the FHA the seller can give you a "seller assist" of up to 6% of the loan amount to pay for closing costs including down payment monies. You only need to have about 3 % of the purchase price for a down payment.
Kate Wentworth
0 votes Thank Flag Link Fri Aug 21, 2009
You may have options like usda or rural housing if the property is out of the city some. I would ask the lender that you are approved through to find a program that fits your needs. Do you have anything you are selling, or a home equity line you could pull from?
0 votes Thank Flag Link Fri Aug 21, 2009
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