i am trying to buy a home but dont have all the cash needed . i have some money but not what is required. what options do i have?

Asked by Tc, 44221 Mon Apr 2, 2012

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Dan Tabit, Agent, Issaquah, WA
Mon Apr 2, 2012
You may get a different loan that requires less down, find a grant or down payment assistance, ask the seller to pay closing costs freeing up some of your cash, buy a less expensive house, save up some money, sell something for additional cash, ask a relative for a gift.
There are 7 options, would any of these help? I also agree with Mack, having money left over is really important. Your inspection will tell you what is working then, not in 30 days, 60 days or longer. If a roof leaks, furnace breaks plumbing leaks you may be in a difficult position.
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Mack McCoy, Agent, Seattle, WA
Mon Apr 2, 2012
You have time.

Tc, it's one thing if you have money, but you're looking to not use it. It's another to not have money.

I presume we're talking about your having a couple or few thousand dollars. I strongly urge my buyers to have six months of living expenses in the bank after closing.

To my mind, if you can't manage to save that kind of money, then you probably won't manage to budget well enough to keep current on the house payments.

All the best,
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Mike Walker, Agent, Akron, OH
Mon Apr 2, 2012
A home seller may be willing to assist you with your closing costs. Have you already been pre-approved by a lender? Have you discussed with them the availability of low-down programs? I'd also recommend having a conversation with your agent to discuss what options you have and come up with a game plan that will help you towards home ownership.
Web Reference:  http://www.showmethekeys.com
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R. Ryan Bowm…, Agent, Cuyahoga Falls, OH
Mon Apr 2, 2012

There are a couple of options. There is a program that some mortgage lenders can offer through the OHFA (Ohio Housing Financing Agency), which offers a grant of 2.5% of the purchase price if you meet their criteria. It is a grant and does not typically have to be repaid. CF also has a grant program for those that qualify as well. Let me know if you need a list of local lenders that are very knowledgeable in these programs.
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