Property Q&A in Springfield>Question Details

Jose, Home Buyer in 01119

How can i get help with a down payment on a house i would love to own?

Asked by Jose, 01119 Mon Dec 29, 2008

--
This question is about this property: http://www.trulia.com/property/1071847731-296-Sunrise-Ter-Sp…

Help the community by answering this question:

Answers

4
First talk to a mortgage broker or lender and go over your finances to see if purchasing a home in the price range is financially plausible for you. The good news is interest rates are historically low right now but the bad news is banks aren't just giving out loans so you will need to speak to someone about your available cash and credit line. One of our clients just got quoted a 3.7 interest rate which is pretty incredible.

Next step is to get yourself an exclusive buyers agent (they do not represent sellers in real estate transactions). Someone 100% incentivised to protect your interests only and get you the lowest price on a new home.

Once these two things are in place have your new buyers agent take a look at the property with you and have them do a property valuation to help you come up with a strong offer price based on market value.

Here is a link to agent-level information on the property:
http://www.territoryre.com/idx/listings/70848543/details.htm…

Hope that helps! Good luck!
0 votes Thank Flag Link Mon Jan 5, 2009
Jose,

Try talking to the Springfield Housing Department. They have a first-time home buyers housing assistance program. You can see some information at:

http://www.springfieldcityhall.com/housing/home-buyer.0.html

Next, you need a great Realtor and a top notch Lender. Springfield has a number of both.

Sears Real Estate has been selling Springfield Real Estate since 1971. We certainly can help you through the process. In addition, we have a list of great local lenders on our website, see our website at:

http://www.searsre.net/local_business/index.asp

Regards,
Brian P. Sears, Broker/Owner
Sears Real Estate
413.785.1636
Web Reference: http://www.BrianPSears.com
0 votes Thank Flag Link Tue Dec 30, 2008
Do you qualify for a VA loan by any chance?
Web Reference: http://vetbucks.com
0 votes Thank Flag Link Mon Dec 29, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
Hi Jose,

The obvious is answer to your question is to work with an experienced mortgage professional who can provide you with the most current "no down payment" or "down payment assistance" programs (if any) available. No matter what, you will need a preapproval letter to write an offer on this or any property for don't skip this step!

The "not-so-obvious" answer is, however, is to work with an experienced real estate agent with excellent negotiating skills who MIGHT be able to help you write an offer which requests the seller pay the downpayment. If the other terms of your offer are strong enough, this scenario just might work for you. Of course, you've got to make sure the appraisal will come in high enough. Again, your real estate agent can help you with this.

Best of luck to you!!!!

Judy
0 votes Thank Flag Link Mon Dec 29, 2008
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