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??

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Answers

4
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
828-777-8828
luke.allison@bankofamerica.com
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: http://www.erasimmons.com
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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