John: As you know, everything is dependent on your credit and income. Based on those factors, there are still banks (like Wells Fargo) who are still offering some buyer-friendly programs. While seller paid downpayment assistance through FHA expired on October 1, there are still funds out there that can assist. Kimberly is correct. The best first step is to talk to a lender; however, in these times, you need to call one affiliated with a powerful bank. Phil Miller at Wells Fargo is an amazing one. His number is 615-278-0231.

Hi John,

I'm sorry to hear about your situation. I can only imagine how frustrating it must be for you. Your best bet would probably be to rent for 6-12 months until you have had the chance to save enough money to put at least 5% down. I know this is probably not what you want to hear, but I think this is the safest route in our ever changing economy.

However, if you do want to buy now, contact a lender and he/she can advise you better than I could. Also, during contract negotiations, some sellers are willing to pay closing costs for the buyer which can be negotiated into the contract. But I still think it would benefit you in the long run to try to save enough money to put down, without any form of downpayment assistance.

I hope this helps!!! Please let me know if I can help you in any way!! If you need lender assistance feel free to contact Jeff Osburn with Magna Bank in Franklin at 615-309-2983, he is very easy to talk to, and would be more than happy to answer any questions you may have.

Thanks!

Ginger Garland
Crye-Leike Realtors
615-300-5573
ggarland@realtracs.com

Good morning John....the best advice is to talk to an experienced mortgage lender to see what programs are currently available for someone other than a first-time homebuyer. I'd refer you to Ron Reed with Seller's Mortgage (615) 777-5626/ronreed@sellersmtg.com or Charlie Thompson at Realty Mortgage (615) 507-1307/CThompson@realtymortgage.com.

Good luck and have a great weekend!