You cna buy uo to $200.000.
Give me a call for a complimentary consultation.
Who? If the lender knows about it? Really? I've had a several clients borrow down payment from their parents and the lender knew. Perhaps they converted it to be disclosed as a "gift"? IDK....
It looks like the post got resurrected March 13 LOL
I don't always notice the dates, sometimes, not always. Guessing Sam is taken care of now lol
Yes, I have seen people borrow from parents for down payment.... But the loan guidelines prohibit it if they know about it.
*How'd this old post get bumped*
You sound like you've got your ducks in a row. Good job on the credit score & debt to income. Best of luck to you!
As a first time home buyer you should qualify for the federal first time home buyer tax credit.
The maximum credit is $8,000, but it phases out between income of $75,000 ($8,000) and $95,000 ($0). At $80,000 gross income you would qualify for a $6,000 credit. There is a Texas program to provide a short-term loan so that you can use this for your down payment.
You should consider an FHA loan which requires a 3.5% down payment. You can buy a $171,000 house with an FHA loan and a $6,000 tax credit.
There are other options available, but this may be your best choice. Give me a call at 214-288-6608 and I will discuss all of your options with you.
All my best,
Thanks for your time
Depending on where you live and where you want to buy there may be programs available for you to use. The loan guidelines are changing all the time. The best thing to do at this point is get with a good loan officer and get prequalified and find out the various options they can work for you. I work with a couple of excellent loan officers if you would like a referral.
Prudential Texas Properties
Conventional loans are only providing up to 95% of the value of the property, which would leave you 5-7% short, depending on how much the seller is willing to pay of your closing costs.
VA- and FHA-guaranteed loans can provide a smaller down payment. 3.5% for FHA and actually 0% if you're a veteran.
The good news is that true down payment assistance is not outlawed. You can still get a gift or loan from your family, and there are real non-profit and government agencies providing funds to cover the down payment, meaning the 5% or so.
The government versions or grants do have income limitations, which may preclude you, but you can always get family help.
You need to speak to a loan officer about your situation to determine your best course of action.
There are some other options I did not mention here.
You have some important factors in your favor. some Builders are willing to assist you with Down Payments/and you may also consider Seller's Second.
Contact me and let's discuss your options, we are a Full Service Firm with a Mortgage Company, Builder and Insurance. I also offer a rebate program for first time home Buyers.
Mattye P. Smith
I am an agent and my team works just about anywhere in the DFW. In September of 2008 the Down Payment Assistance Program ended. With the DPA you were able to roll all closing costs and the down payment into the loan. I have been told that a similar program will be coming back in 2009. With your credit score and income you definitely qualify. There are also some builders that will allow you to roll in the down payment. You can get a great deal on a brand new home, especially if it is already built and the builder needs to get rid of their inventory so they can build more.
Hope this helps. Drop me an email if you need more info or would like to see some homes that are out there.