I have a lender that I use that goes as low as 600 for a mid. I would love the opportunity to earn your business and assist you in purchasing your first home. Please contact me when you have a moment to discuss. I look forward to hearing from you!
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Tamika A. Goree
Broker | Owner
The DFW Property Shop
Email: firstname.lastname@example.org... more
Naima had a great answer, but I would add that if you're doing FHA, the 3-1/2% down is not something you can get from the seller. You actually have to bring the 3-1/2% to the table.
In the past the sellers were able to contribute toward closing costs and a buyer could potentially bring only 2-1/4% to the table, which includes the earnest money and other cash. Now, on a $100k house, you have to have the $3500 in your own money.
That being said, there are some great programs out there for First Time Homebuyers. Did you know that here in Dallas you can actually borrow against the Federal tax credit of 10% (up to $8,000) from agencies that don't charge any interest? And, you can use that money as your down payment or to cover closing costs! Usually the tax credit amount is much larger than the 3% to 6% allowed by lenders in seller concessions.