Home Buying in Queens>Question Details

New Homebuyer, Home Buyer in Nassau County, NY

I would like to purchase a house in Queens with an FHA loan. I have the downpayment but I need closing cost help. Where can I get it?Any programs out?

Asked by New Homebuyer, Nassau County, NY Sun Feb 10, 2013

Help the community by answering this question:


FHA allows up to a 6% seller concession, this means that you can include all or most of your closing costs into the purchase price as a gift from the seller. This means that you can get into the loan with just a 3.5% down payment and maybe a bit more than that. There's also down payment and/or closing cost assistance programs, depending on where you're looking to buy. These programs have their own requirements, but I can certainly provide some info.

If you're in need of a Loan Officer, I'm always available to speak or meet with you in one of our Queens offices. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
3 votes Thank Flag Link Sun Feb 10, 2013
100% of my FHA buyers in the past 6 months have had the seller pay all or part of the closing cost and prepaids. Another method is a lender credit, ask about a slightly higher interest rate with the lender kicking in a credit towards cc & pp. Good luck,

Good luck,
Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Sun Feb 10, 2013
If you haven't done so yet, visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Also choose an agent to work with. You could consider negotiating a seller's concession, thus including closing costs in the agreed purchase price; be aware that the property needs to appraise at the higher number.
1 vote Thank Flag Link Sun Feb 10, 2013
Call me to talk a bout it.
0 votes Thank Flag Link Mon Feb 18, 2013
Easy , just call me
0 votes Thank Flag Link Sun Feb 17, 2013
Agent should have written a Sellers concession to try to cover most or all of your closing costs.
0 votes Thank Flag Link Fri Feb 15, 2013
We would have to speak with a few loan officers to is how we can find help for you.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Wed Feb 13, 2013
FHA, VA and USDA mortgages all allow the seller- via a sellers concession- to pay all or most of your closing cost up to 6% of the sale price. Apart from you and the seller, it's crucial that the agents and attorneys on both sides are aware of the concession so that purchase contract and mortgage application are in agreement. If not structured properly, the concession may be rejected or reduced. Consult with a licensed experienced loan officer to get preapproved. I have extensive experience closing FHA and other loans for first time buyers that include a sellers concession. For more information or assistance, please contact me directly at 917.699.0183, email michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

Michael Denniston
Senior Loan Officer
NMLS License 24076
Cliffco Mortgage Bankers
New York
0 votes Thank Flag Link Tue Feb 12, 2013
If you are purchasing in Queens, there is a grant for First Time Homebuyers that will contribute 3% towards your closing costs. But you have to meet specific income guidelines.

Good luck.
0 votes Thank Flag Link Mon Feb 11, 2013
Call me will talk.
0 votes Thank Flag Link Mon Feb 11, 2013
FHA loans allow up to a 6% sellers concession in which you would be able to finance your closing costs. This will resolve your issue of having to come up with additional funds for closing costs.
0 votes Thank Flag Link Sun Feb 10, 2013
0 votes Thank Flag Link Sun Feb 10, 2013
As a follow up to my earlier answer I am posting a link for you that talks about sellers new reluctance to doing sellers concessions. You may find it interesting:

0 votes Thank Flag Link Sun Feb 10, 2013

Contact me and I will help you get preapproved and closing costs



Your friendly Agent
0 votes Thank Flag Link Sun Feb 10, 2013
Actually there are several programs available to first time homebuyers which will help with either down payments or closing costs. However, they are usually tied to income levels and some of them require that you live in the home for a certain period of time before selling.
If you contact me I can help you determine if you would qualify for any of these programs and can introduce you into the best program for you.
There has been a suggestion that you might use a sellers concession in order to reach your goal and while Sellers concessions are a fact of life, they can also have a negative impact on your ability to reach your goal. For example, if you are in a competative bidding situation on a property you really want and your competitor doesn't need a sellers concession the seller will be more likely to accept the offer of the buyer that doesn't need this concession. There are other reasons as well. I am well equipped to assist you. If you would like my help please contact me. I wish you the best in youir endeavors
0 votes Thank Flag Link Sun Feb 10, 2013
Fha allows up to 6 percent sellers concession which will help you with your closing cost. . But my best advise is to speak to your banker and he would go through all the different programs that are available ...
0 votes Thank Flag Link Sun Feb 10, 2013
You can buy with 3.5% down and borrow 4.5% to 5% closing costs. All you need is Income, Good Credit and your 3.5% in the account. Contact a Loan officer from many Major Bank to assist you.
0 votes Thank Flag Link Sun Feb 10, 2013
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