Home Buying in Yonkers>Question Details

melbern9, Home Buyer in Yonkers, NY

can i buy a house with 3.5 percent down with no closing cost?

Asked by melbern9, Yonkers, NY Sat Feb 23, 2013

Help the community by answering this question:


Bludeau Sanchez Team’s answer

I would be happy to work with you and go over some important details that home buyers should understand before beginning the home buying process, keep in mind that choosing a experienced realtor with knowledge will help you make the right decision on where to move based on certain criteria. Please give me a call so that I may go over these important details with you.

Antonio Sanchez
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
CELL: 347-320-0673
FAX:    347-202-4966


0 votes Thank Flag Link Sat Mar 16, 2013
As mentioned below you can try and get a seller concession. There are others ways to structure your mortgage so you won't have to bring funds to closing. If you'd like, we can weigh out a few scenarios so you can make a well informed decision as to which option is in your best interest. I may be reached via phone or email; whichever is of greatest convenience.

Kindest regards,

Paul F. Marzolla
Loan Officer
(201) 957-6768
0 votes Thank Flag Link Wed Mar 6, 2013
Mark is right. An FHA loan will allow the seller to give you a concession that covers up to 6% of the closing cost, which would minimize your out of pocket expense beyond the 3.5% minimum down payment requirement. I have extensive experience helping first time buyers to become successful homeowners throughout NYC and the suburbs with affordable fixed rate mortgages. For more information or assistance, I can be contacted directly at 917.699.0183. Follow me on twitter @mdenniston247.

I value your feedback, please hit the thumbs up if my reply was helpful.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
0 votes Thank Flag Link Tue Mar 5, 2013
You may qualify for an FHA loan. Closing costs could be negotiated with the seller.
0 votes Thank Flag Link Fri Mar 1, 2013
You may purchase a one to four family as first time buyer with 3.5% down payment under the FHA guidelines. You can research additional information at fha.com. There are closing costs in New York State and has to be paid by either the purchaser, assistance from the seller, or a contribution by the lender (some lenders offers paid closing costs). If you need additional information, please contact me at 914-557-3737
0 votes Thank Flag Link Sun Feb 24, 2013
As mentioned, there will always be closing costs so anyone who tells you otherwise is being very deceptive. However, there are ways to cover these costs without bringing funds to closing. If working a sellers concession into the sales contract isn't an option you could always take a slightly higher interest rate in order to obtain a large enough lender credit to cover the closing costs. If you'd like to discuss this in more detail so I can point you in the right direction please contact me at your earliest convenience. Have a great weekend.

Kindest regards,

Paul F. Marzolla
Loan Officer
(201) 957-6768
0 votes Thank Flag Link Sat Feb 23, 2013
Yes you can buy a home with 3.5% down but you will always have closing costs. Although wiith an FHA loan, you are able to get whats called a "sellers concession" of up to 6% and finance your closing costs. In essence, you would only be coming out of pocket for your 3.5% down payment.
0 votes Thank Flag Link Sat Feb 23, 2013
We are very good at getting our buyers deals with no closing costs all the time.
Do you want to know how? Contact me!

Vernise Cardillo
Luis Fernandez Sales Team
0 votes Thank Flag Link Sat Feb 23, 2013
Hi, If you qualify you can do an FHA loan that allows for a minimum of 3.5% down payment and the closing costs can be rolled into the loan. If you are a first time home buyer another option would be a SONYMA loan. If you need more understanding of the these loans I can refer you to an agent that specializes in them.


Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
0 votes Thank Flag Link Sat Feb 23, 2013
It won't be easy, but I have a truly honest and reliable Mortgage Broker with whom I deal, and she would be better able to give you the true answer rather than what you may want to hear.
0 votes Thank Flag Link Sat Feb 23, 2013
Even with an FHA loan, you're expected to make a 3.5 percent down payment, Closing costs will raise the total by another 3 percent, although you may be able to finance part of the closing costs.
The home mortgage market is reeling from no-money down loans made in the past few years, so lenders aren't looking to add more to their books.
If you have money saved in an IRA account, taking advantage of the first-time homebuyers' provision for these accounts will allow you to withdraw up to $10,000 without paying the 10 percent penalty tax. You may also be able to borrow money against your 401(k) or 403(b) account.
I'm not sure you need an interest-only 30-year fixed-rate loan. The difference between the interest-only payment and the fully amortized payment (principal plus interest) would be about $60 a month. The typical interest-only loan becomes a fully amortized loan after a period of time, generally after five to 10 years, and your payment will increase accordingly even if you have a fixed interest rate.
It's common for an interest-only loan to have a higher interest rate than a comparable conventional loan. That interest differential would reduce the monthly savings from the interest-only option.
You can use Bankrate's compare rates feature to find today's mortgage rates for conventional and FHA loans. Forearmed with this knowledge, you don't really need to work with a mortgage broker to shop rates

Read more: http://www.bankrate.com/finance/mortgages/do-homework-before…
Follow us: @Bankrate on Twitter | Bankrate on Facebook
0 votes Thank Flag Link Sat Feb 23, 2013
Ask your loan officer the question; a seller's concession may be a possibility; 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.
0 votes Thank Flag Link Sat Feb 23, 2013
Talk to your mortgage broker about an FHA loan wih a 3.5% sellers concession. That should help.
0 votes Thank Flag Link Sat Feb 23, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer