Home Buying in 47666>Question Details

katethebomb, Home Buyer in 54904

We have already done the Pre-Qual and are at the next step to get our mortgage. Our issue is the down payment. How can we get help with this?

Asked by katethebomb, 54904 Wed Dec 4, 2013

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4
Ask your loan officer if there are any down payment assistance programs in the counties you are looking to buy a home.

Tom
0 votes Thank Flag Link Thu Dec 5, 2013
Kate,

Don't settle for a pre-qual, get yourself a Pre-Approval. A pre-qual is worth ZERO.
0 votes Thank Flag Link Thu Dec 5, 2013
Kate,
There are programs that allow you to buy with 100% financing. Please contact me for more information.
Regards,
Juan Carlos Carrasquel
(812) 369-0785
Juan@JuanSells.com
0 votes Thank Flag Link Wed Dec 4, 2013
Your lender should have explained your options. You can get "gift" money from relatives. There may be some sort of down payment assistance programs available in your area (but this is typically in the form on a 2nd mortgage and not "free money"). If you're interested in a rural area, there's as USDA loan program that requires very little money down. If you're a Vet, you can qualify for a no money down loan through VA loan. Other than that, you have to do it the good old fashioned way -- SAVE!

Buying a home costs money. People are looking for ways to buy a home without having to put anything into it. This is the primary reason for the market collapse. People were getting loans who couldn't afford them.

What happens when your furnace goes out, or the water heater dies? Do you have money in savings to pay for these things?

I'm a huge advocate for home ownership, but I see so many people buying homes who shouldn't be.
0 votes Thank Flag Link Wed Dec 4, 2013
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