Home Buying in 19154>Question Details

2007, Home Buyer in Philadelphia, PA

i want to buy a house me and my husband but i dont have any down payment so do you think they going to

Asked by 2007, Philadelphia, PA Mon Mar 16, 2009

approve us. by the way i saw i house that i already like it its 215,000$ but i didnt go for any steps yet because the down payment things

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Hi Lalla,

I hate to be the voice of reason here but I have to disagree - this isn't the time to just rush off and somehow get an FHA. if you haven't managed to save $3-4K then you appear to be living paycheck to paycheck. That's really not the best combination for a home-buyer. If you somehow borrow the min downpayment, get the house, and ANYTHING happens to your income then you'll be in a LOAD of trouble and be in foreclosure soon enough, with your credit ruined and perhaps in bankruptcy too.

Please be aware that this Buyers market will last for quite a while. Especially in a secondary market like Philly. Philly isn't going to recover the way that primary markets will. It will be very reasonable for you an entire year from now - and perhaps quite a bit longer. I'd advise putting together a really good plan with your husband to live well within your means, earn more if you need to with 2nd jobs, and put money in an interest-bearing safe account - perhaps something like an Orange account - they pay better than the usual banks.

A year from now, you should have what you need, take advantage of the $8000 tax thing and have a more disciplined approach to budgeting and spending so that you will be able to buy a house on big discount and a much better chance of keeping it.
3 votes Thank Flag Link Mon Mar 16, 2009

Did you know if your a first time home buyer you can get $5000.00 up front for your closing cost, plus you still can have seller pay up to 6% of your closing cost. If you like anymore details please call me anytime.
0 votes Thank Flag Link Wed Aug 19, 2009
Lalla, another thing you could consider is rent to own. WIth rento to own the seller will keep a percentage of your rent to use as a deposit for whatever length of time agreed upon. I would call a local Realtor and tell them your interested in this option. If you don't know of any local experts I have a network of professionals who can advice you properly.
0 votes Thank Flag Link Tue Mar 17, 2009
USDA or VA are your only real options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes Thank Flag Link Tue Mar 17, 2009
I agree completely with Jefferson. You're in a bad spot if you do get a loan on such a tight budget and anything at all bad happens later. You need to save money for a down payment and closing costs, plus sock away a little emergency fund. Houses are never "finished" and little things are always creeping up that need to be repaired. Get on solid financial footing, save some, and then try. Don't rush into anything.
0 votes Thank Flag Link Tue Mar 17, 2009
Even with an FHA loan you will need to have a 3.5%, it can come from a gift however. If you have someone that you can give you this gift then that is the direction that you will need to go. As a first time homebuyer, which i am assuming you are, you will be entitled to an $8000 tax credit (for a home of this price) come time to file your taxes next year. You could work something out where you can repay that gift when you get your return. There is a loan product that is available, but both location and income levels prevail, it is a mortgage through USDA. I have a client using this product right now and it has worked out amazingly. You can get more info at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do about this product. I would be happy to set you the person there that my client is currently working with, but like i said there are only certain areas of the state where this program is eligible. Let me know if i can do anything to help.

Andrew Himes
Web Reference: http://www.AndrewHimes.com
0 votes Thank Flag Link Mon Mar 16, 2009
Hi Lalla,

There are programs available that can assist you with down payment costs. You should visit http://www.naca.com. It's a great non-profit organizaton that my be able to help you with down payment, closing costs and attaining a mortgage. Do you & your husband have a steady income? Do you have a strong credit history? Even if you don't a program such as NACA will counsel you for months on end until you are financially prepared and informed to become a homeowner. If you think this is something that you may be interested in you can contact me all my info is on my profile page.

~Ivonne Velasquez
Realtor / Marketing Specialist
Jordan Baris Realtors, Inc.
0 votes Thank Flag Link Mon Mar 16, 2009
If you can get a gift of 3.5% of the sale price, you can get a mortgage (as long as income and credit are OK) through FHA.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Mon Mar 16, 2009
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