Home Buying in Queens>Question Details

Regi Philip, Home Buyer in Queens, NY

How to come up with a down payment for a home?

Asked by Regi Philip, Queens, NY Tue Jun 10, 2008

I'm very new to the home buying game, and trying to buy a house in Fresh Meadows, NY (11365). The home is going for 600k. My real problem is coming up with a down payment. I have approximately 23k saved up and will be able to pass pre-qual. I have very good credit, and need some alternatives. I looked into FHA loans, but that doesnt seem like it will cover enough of the loan. Any suggestions on where I can come up with the cash (federal programs, grants) or even a way out of the mandatory 10-20% down payment?

Help the community by answering this question:


You may qualify for a VA Loan if you have served time in the military or you might want to try Fannie Mae.
to get the info you need for a home loan. http://www.fanniemae.com

0 votes Thank Flag Link Sat Jun 28, 2008
It is essential in today's market to work with a mortgage professional. It is no longer a matter of course for an individual to secure a mortgage - those days are over. Having said that, there is alot you can do - you can finance some of your closing costs, often up to 6% of your purchase price, there are downpayment assistance programs such as Ameridream etc if the increased purchase price can be supported. Speak to a real estate attorney or other real estate professional who has been in the industry before 2000 and knows mortgage professionals from the 90s. They should know how to write a mortgage in today's market.
0 votes Thank Flag Link Fri Jun 20, 2008
Rely on your mortgage rep to research some additional programs that may be available for you.
0 votes Thank Flag Link Wed Jun 11, 2008
Look at how much you can afford, a 3br 2ba unit for only $200k at Edison NJ area ... http://millpointe.blogspot.com/ and your life would be more secured ...
0 votes Thank Flag Link Wed Jun 11, 2008
The correct way to do is to buy the smallest unit you need to start with, say, 1br condo for $150,000, then you will, along the time, buying a 2br and rent out 1br, and later move up to buy a 3br and rent out 2br, and eventually, you will buy a 4br house and rent out 3br.

Years later when real estate surge again, as it always be due to property tax, realtor commission and US dollar depreciation, you can then sell your 1br, 2br and 3br to realize the gain ...

If you are going to jump up to buy something barely affordable, you may be a victim in the future should you can not afford the mortgage ...
0 votes Thank Flag Link Wed Jun 11, 2008
Please check my website. It tell you how to apply for a downpayment grant


0 votes Thank Flag Link Wed Jun 11, 2008
Make a buyer's agency agreement with a local REALTOR member of the MLS. They will be able to help you work out a plan.

You will find validation of the importance of using an agent at the following HUD Web page:


And other guidance, including links to info about buyer assistance programs at the following HUD Web page:

0 votes Thank Flag Link Tue Jun 10, 2008
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