Our market area has several financing options available with 3.5 % to 5% down payments and of course if you are a Veteran there are 100% loans available. Many of my buyers are finanicing under the FHA program because of the allowed higher income to debt ratios and credit scores as low as 620. FHA loan limits in our market area of South Carolina is $295,000. Limits change based on your market area. Joy Bailey, Greenville, SC

Hi, Gary. You've gotten good answers....3.5% down payment on an FHA loan with a seller contribution to your closing costs is what many people do. It's true that not all sellers will do this, but they often do. I'm an agent with Keller Williams in Pearland and I live in Alvin. Let me know if there is anything I can do for you.

FHA loan limits in Texas are $271,050.
There are a couple of exceptions in San Antonio with higher limits.
If you are buying below that number, then 3.5% down is the minimum. We can even ask the seller to pay some of the closing costs to keep the total out of pocket as low as possible.

I know a wonderful RE/MAX Realtor down there that works Pearland and surrounding if you need. She is very familiar with FHA requirements on homes and is very good at negotiating closing costs to be paid by seller. She Also finds some great bargains, she knows the orclosure market very well!! Let me know if you need a referral.

Now, 20% down on conventional is not always necessary. There are still programs to 95% with high credit scores.

Gary, I do a lot of loans down there.... Let me know if you have any questions.

Tom Burris
DallasLoanGuy.com

Gary,
You can ask the seller to pay the closing cost, but not all will.
You need to set yourself up with a loan officer that does FHA and/or USDA loans not. You will have to move out of Alvin for the USDA - But what are your priorities at this time.
If your score (FICO) allows you to do a FHA you may look at the HUD owned homes as well.
If your FICO dose not meet the FHA guidelines, it is time to pay bills and cut up credit cards.
Most of us had to do that when we were younger,
Margaret

You need to save enough money to have 3.5% down payment to do an FHA loan. Then you can ask the owner to pay for your closing costs.

Good luck,

Naima