i have excellent credit-over 800 score but little cash. would like to own a home or townhome. what are my options?

Asked by dentadiva, Rochester, NY Sun Nov 11, 2012

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Brad Newton’s answer
Brad Newton, Agent, Rochester, NY
Sun Nov 11, 2012
Your options vary....fha loans only require 3.5% ($3500 on $100k home) of the purchase price to be paid by you. You can then ask the seller to pay 6% ($6000) of the purchase price towards your closing costs. The are some grants in our area based upon income. Your gross income and money you have saved will determine your home pricw range.
First get pre-approved by a local lender. 22nd find a realtor who works in the areas you are looking. Appraisals are not an issue if your agent does his/her job in making sure you dont over pay for a home. Feel free to give me a call with any specific real estate questions.at 585-236-7780.

Brad Newton
RE/MAX Custom
Certified Buyers Agent
1 vote
Christopher…, Agent, Tarrytown, NY
Mon Nov 12, 2012
Hi, Speak to a loan officer and inquire about an FHA loan, they allow you to put a minimum of 3.5% down and roll you closing costs (up to 6% of purchase price) into your loan. Another option if you are a first time home buyer and meet the requirements, is a SONYMA loan. SONYMA allows for a minimum down payment of 3% that can be gifted, along with financing of the closing costs.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
william Raveis Legends Realty Group
0 votes
Cathy Barton, Agent, Fairport, NY
Mon Nov 12, 2012
Wow... you go girl. Not many people in this economy have that kind of a score...be sure you keep it. The is a whole world out there for you. I have a slam-dunk banker who can lead you through this mortgage maze. Giv me a call.

Cathy Barton, Broker
Allison James Estates and Homes®
Direct Line: 585-586-8850
0 votes
Jennifer Fiv…, Agent, Red Hook, NY
Sun Nov 11, 2012
Congrats on your credit score. A mortgage professional would be able to discuss your options. There are products requiring low down payment, for example FHA. If you are a first time home buyer there might be State programs to help you with closing cost.

You should also speak with a real estate agent.
0 votes
De Vonte Wil…, Agent, East Point, GA
Sun Nov 11, 2012
You should consider discussing financing options with a Mortgage Advisor/Broker. They can explain the different financing options out there, and try to get you the best rate possible.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
0 votes
Mildred Vazq…, Agent, Pittsford, NY
Sun Nov 11, 2012
If you are a first time homebuyer (not owned a property in three years, recently divorced) you may be able to get some help from the bank.

You can do seller concessions (seller can return up to 6% towards closing cost at the closing table)

Even if not a first time buyer the bank can put money into deal.

There are multiple ways to get help with closing. Last but not least, there are First Time Homebuyer Clubs. Where you get $7500 "free money." You do have to participate for at least 10 months, and save about $188 /mo for the ten months.

I hope this helps. Feel free to call or text me 585-794-7387 or email vazquez.mildred@yahoo.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Nov 11, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for personalized answers visit with any licensed loan officer(s); FHA loans require a 3.5% down--it may be an option....
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Nov 11, 2012
Call Dominick Sutera of Academy Mortgage Corp...516-249-4800 or
dsutera@BankAMC.com and he will be happy to answer your question.
0 votes
Patricia ("T…, Agent, Rochester, NY
Sun Nov 11, 2012
Congrats to you on such a great credit score! Quite an accomplishment for an economy that has been so challenging for so many folks. FHA, VA, or USDA loans offer loan options with low to no downpayment required. There are also 'First Home Buyer' clubs at some local banks that offer matching grants up to $7500 through Federal Home Loan Bank; they will match every $1 you save with $4 of grant money which can help you accumulate cash to cover downpayment, prepaid items, and closing costs. Working with someone at a local bank or mortgage broker is the first step, since locally available programs can vary depending on where you are looking to purchase. I would be happy to further discuss your options with you. We love working with First Time Homebuyers!
0 votes
Michael Walk…, Agent, Suwanee, GA
Sun Nov 11, 2012
Lots of options ... call me on Monday and I'llbe happy to walk you through them! 585.363.8575.
0 votes
Raymond E. C…, Agent, Ontario, NY
Sun Nov 11, 2012
Good afternoon,
Thank you for the question.
First thing would be to meet with a mortgage consultant and see what options are available to you.
You would have most of the answers and be able to have an idea as to closing date.
If I may be of assurance or you have further questions feel free to contact me.
Ray Camp - RE/MAX Plus
0 votes
Michael Cheng, Agent, San Jose, CA
Sun Nov 11, 2012
You can probably qualify for a high leverage mortgage like an FHA loan. But, your main challenge will be in winning a home and still be able to cover any appraisal differences or get lucky that you don't have to bid that high.
Web Reference:  http://www.archershomes.com
0 votes
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