Are there any options for helping with a down payment for first time buyers?

Asked by jolene325, Ambler, PA Thu Feb 28, 2013

My husband and I are thinking about purchasing a home but we are having a hard time getting a downpayment saved up. Actually, we have recently been thinking about purchase a nice manufactured home just to start small since I am in school to give us a low payment. Any suggestions for us? We have decent credit (around 650-700) but we do have school loans and a little credit card debt. Any advice would be helpful!

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deb133, , Downingtown, PA
Thu Jan 16, 2014
Watch out that u may only be renting the ground your home is on. My spouse and I lived in one when first married in the south. It was great now they give u mtg rates we paid car interest loan rates ( non deductible ). Be sure to ask who you r going to lease the ground form in the park what his restrictions he has. We found more the better when we went to sell as all looked cleaned and tidy and there was w real sense of community. It can work for u just have multiple people read the contracts and they decide what makes you happy. NO BALLOON mtgs. If they even offer them any more
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deb133, , Downingtown, PA
Thu Jan 16, 2014
FHA but first find out if ur (Pmi) private mortgage insurance has a tax benefit to you. Best choice move in with family and save save save. Be very careful of mortgage brokers who can promise low mtg rates for poor credit etc. as a "old agent " you might be presented with terms that can make the deal at the table but could be worst for you and then that places u in default hence losing any money u have in the deal and kill your credit
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Kimberly Col…, Agent, Limerick, PA
Thu Feb 28, 2013
Joelen 324,
There are quite a few options in Montgomery County depending on where you want to buy a house. USDA is an fantastic loan! It is a 100% financing that the guidelines are similar to FHA for requirements for the buyer and for the appraisal of the house.
Montgomery County also has special programs for First time buyers, but you do need to go through their program for it. There are certain guidelines of how much you can earn etc and I can go over that with you in depth when we meet.
There are quite a few options out there for you.
If you have more questions about areas that qualify for USDA financing or the programs that Montgomery County has please feel free to contact met.
95% of my business is first time buyers that qualify for USDA loans or the programs that Montgomery County has set up.
I would be more than Happy to help you find a New Home!
Let me know how I can help you!

Best regards,

Kimberly Collins, Realtor, ABR, GREEN, SFR
Keller Williams Agent Leadership Council for 2011 & 2012
PA License # RS303924

"A Refreshing Real Estate Experience"

Keller Williams Realty Group
Cell: 610-476-7519
Office: 610-792-5900 Ext 8177
Fax: 610-792-8131

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Paul DEIBLER, Mortgage Broker Or Lender, Frederick, MD
Thu Feb 28, 2013
All great answers below! I work with First National Bank and we lend through USDA all of the time! If you want to be pre-qualified to see what you can afford to purchase, or see how much you can buy for the monthly payment you want to stay with in, please give me a call or email.
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Rebecca Uter…, Agent, Lansdale, PA
Thu Feb 28, 2013
Hi Jolene!

There is actually a great mortgage option out there currently called a USDA loan that does NOT require a down payment! It is only available to rural areas, but Harleysville and many surrounding areas do qualify. I bought my house this way with my husband after we were both out of school and we only paid $3,000 out of pocket! You can get a sellers assist to help with the closing costs as well. It has a lot less monthly mortgage insurance than a typical FHA loan has as well.

I would be happy to talk to you more about this and send you some examples of closing costs for homes in the area - please contact me if interested!

Rebecca Utermohlen
Coldwell Banker Realty Corp.
Office: 215-855-5600
Cell: 215-896-1935
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Michael R. T…, Agent, Souderton, PA
Thu Feb 28, 2013
Depending on what locations you are looking in, there are some options for you. For instance, USDA is a program that allows 100% financing so you can buy a home in "rural areas" with no down payment. Visit for details.

If those areas are not an option, PHFA offers a grant program to help with down payment. You can buy with as little as 1.5% down. Visit for more details.

Manufactured homes on a leased lot would not be eligible for these programs though. If you have any questions, just let me know. I would be happy to help sort through your options.

Michael Torres
RE/MAX Reliance
Direct: 215-275-2009
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Danna Spindel, Agent, Lakewood, CO
Thu Feb 28, 2013
Hello Jolene,

I would suggest you contact a good lender in your area. They can direct you to an agency in your State and area that may offer first time buyer down payment programs. Here in the State of Colorado we have the Colorado Home Finance Authority (CHFA ) which administers just such a program. You should also discuss with your lender the ramifications of loan differences on manufactured housing in your area. Certain types can be very difficult for loans and this can effect your later resale when its time to move on.
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