I am a direct lender and offer all of the above loans. Please feel free to contact me if you have any further questions.
1.) downpayment assistance
2.) ask the seller for up to 3% towards closing costs (allowable percentage depends on type of loan)
3.) improve your income
4.) select a lower priced home
5.) a new home builder might have incentives that provide assistance.
Today's real estate market is very very fast. Some zip codes and communities are so fast, greased lightning seems slow. Asking for seller incentives in a fast market is a tough position when competing against cash buyers. Work with an experience real estate agent and mortgage broker to assist you.
The interest rate jump from 3.5 to 4.75% has pushed many first time home buyers out of the market. Snowbirds will be returning in September and with them more cash buyers. Best to figure out your options quickly.
Brock Realty Inc.
Senior Loan Officer
2701 N Rocky Point Dr, Tampa, FL 33607
The easiest way to have all your cash go towards the down payment is to ask the seller to pay for closing costs and prepaids up to 6% of the purchase price. This would be done on the purchase agreement offer.
Serving All of Florida
888-246-9060 Toll Free
Clear Mortgage Lending, Inc.
5200 North Federal Hwy
Fort Lauderdale, FL 33308
Also you can pay a higher interest rate on your mortgage and your "lender" can give you a credit for your closing costs. In this "seller's" market it is difficult to compete with other offers if you need the Seller to pay for your closing costs.
We also have State Bond money that may be able to give you up to $7,500 to buy a house, check here to input your household size and income to see if you qualify:
You MUST work with an APPROVED lender to get the Bond money and I can
highly recommend Gina Harris with Iberia Bank:
NMLS # 419423
3550 Buschwood Park Dr., Suite 295
Tampa, FL 33618
Office: 813-933-6611 Ext 204
Hope this helps!
All the best,
For instance, if the asking price of the home is $100,000 and you want the Seller to pay your Closing Costs, you could offer to pay $105,000 for the home with the Seller contributing of $5,000 towards your Closing Costs. In this scenario, you won't be required to come 'out of pocket' for the Closing Costs and the Seller receives the $100,000 Purchase Price (after the Closing Costs are deducted at Closing).
HOWEVER, the Property must appraise for at least $105,000 in order for this to work. Unless you are purchasing a HomePath/Fannie Mae property and using their HomePath financing, when an appraisal is not required.
Hope this helps and best of success with your home search.