Home Buying in Cheektowaga>Question Details

Spotty1, Other/Just Looking in Cheektowaga, NY

what if u find the house u would love to buy but have no money t put down?

Asked by Spotty1, Cheektowaga, NY Mon Jan 17, 2011

Help the community by answering this question:


If you haven't visited with any qualified loan officer(s) yet, do consider it--in addition to money down, there are other factors that determine qualification, overall finances, credit score, debt...after reviewing your information, your loan officer will best advise as it relates to your specific situation.
1 vote Thank Flag Link Mon Jan 17, 2011
Some states have down payment assistance programs (basically in the form of a 2nd loan that you still have to repay). Sometimes people ask a family member for"gift funds" for a downpayment. For an FHA loan the minimum down payment is 3.5%. First place to start is by contacting a lender or mortgage broker who can tell you exactly what you qualify for, and how much money you need to save for downpayment & closing costs.

If you'd like me to refer you to someone, let me know!

Web Reference: http://www.sallygrenier.com
1 vote Thank Flag Link Mon Jan 17, 2011
You may need less funds than you think for down payment and closing costs. There are tools available to minimize these requirements as much as possible. And dealing with a local mortgage professional is always your best option and I would be happy to help today!
Web Reference: http://www.RandRFunding.com
0 votes Thank Flag Link Wed Feb 16, 2011
r u impulsive that way?

If you aren't good at saving money, perhaps this isn't a good time to become a homeowner.

For other readers of this thread, consider this: if you're not putting money into the deal, you're really not BUYING - someone else is doing all the buying.

In the same way that you wouldn't run a half-marathon without training, it's a good idea to get into financial "shape" by getting into the habit of having some money in savings B4 you go out and commit to a thirty-year mortgage.

What do you do if you borrow to the max to buy a home, and then - something comes up? Where's the money for THAT going to come from?

We'd all love to sell more homes, Spotty1, but we need our homebuyers to have a little bit of a solid footing before they take that climb.

All the best,
0 votes Thank Flag Link Wed Jan 19, 2011
Sitting down with a mortgage consultant is your best path to take at this time. There are many dfferent loan products available and speaking with a mortgage professional should get you the answers that you are seeking. If you need help and don't know who to speak to give me a buzz!
0 votes Thank Flag Link Wed Jan 19, 2011
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