Financing in 63031>Question Details

Greg, Home Buyer in Florissant, MO

Trying to find out my options as a first time home buyer with no down payment ready and no time to wait as I

Asked by Greg, Florissant, MO Tue Apr 8, 2008

have a good deal on a house. What can I do my income is to high to get downpayment assistance without any kind of a downpayment and no time really to save is there anything I can do?

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Last I checked Florissant had a matching program up to 6k
I would surely check to see if funds were still available.
Make sure you don't put the home under contract before seeking funds.

Good Luck!
0 votes Thank Flag Link Fri May 15, 2015
Very good advice below.

There are a number of ways to buy without getting a new mortgage. It depends in part on what the seller needs and wants...level of motivation and what he/she needs. For instance, if someone's starting to fall behind on payments, or is worried about that, and if you can afford the payments, and the seller just wants to get out, you can purchase "Subject To" the existing mortgage.

If the owner is financially stable, but still wants out, you can do a lease-option or lease-purchase. Or, as some here advise, instead of using that, use a land trust (particularly a variation called the NEHTrust) to accomplish the same thing: property is transferred to a trustee; you lease the property from the trust, and ultimately the property is brought out of the trust and you refinance it.

And there are many other possibilities. Find another party to put up the down payment, and enter into an equity sharing arrangement with him/her. You and the other person would both be owners of the property and when you eventually sell, the other person--per the terms of the equity share agreement--would receive his investment back plus profit.

There are a lot of other ways, too. But that should start you off.
0 votes Thank Flag Link Tue Apr 8, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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do you qualify for any of the nehemiah, genesis or futures type programs? Your mortgage lender and your Realtor should be explaining those options to you.

How sure are you that it's a really good deal? Did your agent do the comps? Many deals look great until you look at days on market (remember to check back many sellers have taken the home off the market for 60 days to get the days on market back to zero and if your Realtor doesn't do a background check you don't realize that the home was on the market for over a year befor that), condition of the home, location and the underlying factors that have prevented the home for selling which is why the seller is discounting the home now and the new buyer is then stuck with those issues later when they go to sell. Your Realtor will be able to do the comps and look at all the issues and concerns to help you determine how good a deal the good deal really is.

If your credit is really good, there are still a few 100% loans out there, but your credit has to be great (call me for lenders who are still doing 100% (those are disappearing fast) . If your credit isn't great, then have you considered offering the seller more money, but asking him to give you back money (a credit) toward your closing costs/prepaids, principal, points and interest?? All things your Realtor will take care of for you when the contract is written.
Above all, use a VERY reputable lender. You want to get to closing, not have someone who promises you the moon then at the last minute doens't deliver and you're left holding the bag. Your Realtor will have the names of reputable lenders that have done an excellent job for past clients (call me if you need names and numbers, I have excellent lenders that I work with who can close quickly)

Good luck! There is nothing more wonderful than buying your first home
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Tue Apr 8, 2008
I assume when you speak of your income being too high for down payment assistance that you are referring to the MHDC program. Has your loan officer spoke to you about the Genesis FHA program or My Community Program where the seller provides the 3% FHA down payment through a grant company for a small fee - the seller is really not providing the money themselves. Good luck. If I can be of any further help or you need to be put in touch with a loan officer who understands these programs let me know.
Web Reference: http://www.TerryWillis.net
0 votes Thank Flag Link Tue Apr 8, 2008
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