Home Buying in Omaha>Question Details

Laura, Home Buyer in Omaha, NE

is it too late for down payment assistance?

Asked by Laura, Omaha, NE Tue Jul 8, 2008

I was preaproved for a fha loan, put an offer on a house with closing costs paid by the seller, they acepted. my question is, I don't want to use all my savings towards the down payment, but since i already put in an offer, is it too late to do down payment assistance? We have not closed yet, and are still awaiting home inspection this week.

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There are still plenty of dpa programs out there. Just call a qualified lender.
0 votes Thank Flag Link Mon Feb 9, 2009
Hello Laura,

It may not be too late for you to switch to a Down Payment Assitance program.There are a few factors we still need to address and I believe once you address them, you should know if it will work for you. You have entered into a contract and you have to make sure the Seller will agree to make changes to the agreement. Do you need additional closing costs for your Down Payment Assistance Program? If you do, the Seller may or may not agree to give you additional funds to cover your Down Payment Assistance. There is a possibility since you already have a deal, they Seller may have you add any additional closing costs to the purchase price. Do you have an agent? If you have an Agent, please have your Agent coordinate with your Lender and the Seller to best dictate how you can get your Down Payment Assistance. Try and negotiate the Down Payment Assistance before you start paying for inspections, you do not want to be out the money for the inspections if things do not work out.
Good Luck,
Web Reference: http://www.C21Infinity.com
0 votes Thank Flag Link Tue Jul 8, 2008
If your offer has become a legally binding contract, you would be bound by the terms of the contract, including the financial.
0 votes Thank Flag Link Tue Jul 8, 2008
I believe you are asking about the required 3% FHA guidelines. Discuss with your lender. In todays tough mortgage market, the Seller can pay your closing costs but not the 3%.
0 votes Thank Flag Link Tue Jul 8, 2008
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