there are a myriad of products in the mortgage world. if your credit is solid you should speak to a mortgage banker/broker so the loan officer can research the available programs. you can use seller concessions to help with closing costs as long as the house appraises - it is like borrowing more and financing closing costs over the term of your loan. in the end, the seller ends up with the cash for the house so regardless of the amount that you put down (within lending guidelines) the seller stays whole.

Tue May 27 2008, 17:50

Homebuyer,

You should always consider the alternative to renting. If you are paying a high rent which for not much more you could own a nice property, more than likely owning is the way to go. A low down payment does not hurt your pricing on a loan. Many professionals have mentioned FHA because you only need 2.25% down as opposed to other programs that require 3%. SONYMA requires that you put in 1% of your own money and that the rest of the 3% can come from relatives. SONYMA has income limitations, FHA does not. The program does not determine the amount a loan officer is paid as mentioned below.
Please email or call me with more questions as I am a mortgage consultant with HSBC.
Darryl

darryl.nunes@us.hsbc.com
(585)797-0337

Tue May 27 2008, 11:01

I'm not a real estate professional but I agree with most of these people as far as purchasing property. I rented for over 10 years before I decided to buy. As a professional with a rather stable income, it was just an economically wise choice for me. I was paying the same amount for my mortgage and condo fees as my rent. It was a great transition from renting to owning.. .apt to condo....good baby steps. I went with a SONYMA loan. For a first time buyer, it gave me a lower rate than the FHA loan and closing assistance (if you need that). All you need is 3% down with the SONYMA loans. Many will push you to an FHA loan because the loan officer would get a better commission. Just do your research on the different loans so you make sure you get the best possible option for yourself. Unfortunately, I just relocated to another state for my job so I have to sell my wonderful condo. If I could, I'd take it with me. In case you're interested, here's the link:

Fri May 16 2008, 13:55

Homebuyer,

You could also consider 6% seller's concessions to help you with your closing costs. As long as you are planning on staying in the home long enough to build equity this is not a bad option. My office is in Williamsville if you need help. Good luck!

Wed May 7 2008, 08:01

As long as your planning to live there for at least 3-5 years I would say buy a house. As far a as low down payment, thats fine actually with the low interest on a FHA Loan it makes sense not to tie up up money on your house. If you would like to sit down and talk further give me a call

Sat Apr 26 2008, 07:00

you sound like a perfect canidate for a FHA loan. Only 3% down and you can get a rate of 5.5%. Give me a call if you would like to discuss financing options. I am originally from Amherst and I know th earea well. Let me know if I can be of assistance.
Go Bills!!
Ryan
954-394-9005
Community Mortgage

Thu Apr 24 2008, 15:10

I recently wrote a helpful article regarding buyer assistance programs for Western New York. You may find some useful information in it. Feel free to call me if you need additional information at(716) 990-7384.

Mon Apr 21 2008, 08:36

If you would like to discuss this further, this is the geographic area I specialize in and there may be some opportunity for a couple of homes with owner financing where your overall monthly cost would be a lot lower. you can e-mail me at joe@joesorrentino.com
Joe Sorrentino
MJ Peterson Real Estate
716-998-5637

Sun Apr 20 2008, 19:26

Please contact a mortgage broker or bank loan officer who will provide you with details regarding how much you can afford with your current income and what your payments would be with various downpayments.

If you require a referral for an exceptionally honest and caring mortgage broker, please contact me offline at Gail@GailGladstone.com.

Sun Apr 20 2008, 18:09

yes consider buying and no a low downpayment won't hurt you with the right agent and mortgage approval. In fact the timing could not be better to buy then now with a good selection of homes and great interest rates.

I would suggest you start your home search by doing three things, First sit down with a professional realtor have them review differnt financing alternatives pro and con and get a mortgage pre-approval, Secondly have them review agency representation and determine if you want to work with an agent who represnts you, and thirdly once you have decided on your financial ability and goals, and chose how you want to look review all of the homes in you fiancial reach and plan, and pick a few to look at, before long you will find a home that is the best value for you, and bought it with a professional you can trust.

Sun Apr 20 2008, 14:25