Are there any ways to buy a home and not have to pay for both the down payment and closing costs anymore?

Asked by My3kids, Mesa, AZ Thu Apr 4, 2013

Had a foreclosure in July 2010. I have brought up my credit score and started saving but home prices & interest rates are rising rapidly in Arizona.

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15
Rebecca Kall…, Agent, Gilbert, AZ
Thu May 23, 2013
I would love to help you out! I work with a great lender, who offers some great programs, where you could possibly be into a home with no money down.
If you would like more information, please feel free to contact me!
480-275-9566
PS: I definitely look forward to working with yo soon!
0 votes
Chelsea Ande…, Agent, Tempe, AZ
Wed May 22, 2013
Depending on your income levels and what cities you are looking to buy in, you may be able to get down payment assistance through one of the various NSP (Neighborhood Stabilization Programs). The City of Phoenix offers $15,000 towards down payment, closing costs and then the remainder goes to buying down the loan balance. The City of Mesa also has an NSP $15,000 towards the buy down of the loan and an additional $5,000 towards your down payment and closing costs. There are stipulations however on how you can use the home, when you can sell it and whether or not you owe the grant at that time of sale. You may want to get in touch with CHRA (Community Housing Resources of Arizona) they will be able to tell you what programs are available in what cities or counties- Like Gilbert.

I'm happy to answer any questions you have on either program - they have worked very successfully for my clients.
0 votes
Steffy Hrist…, Agent, Scottsdale, AZ
Fri Apr 26, 2013
The "Home in 5" down payment assistance program is available once again. This program provides a 5% grant (6% grant for veterans and military) that can be used for loan closing costs and down payment.
Please visit my website or call me for more details.
Web Reference:  http://www.talktosteffy.com
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Rebecca Kall…, Agent, Gilbert, AZ
Mon Apr 15, 2013
NEW program!!! I have a lender that has programs other then USDA! Maricopa county can get 5% towards down payment and Pinal county can get 4%! Call me today! 4802759566
0 votes
Rebecca Kall…, Agent, Gilbert, AZ
Mon Apr 8, 2013
Yes, absolutely! I work with a great team, including a wonderful lender who offers several different program options available, including Home In 5.

You're right, home prices are rising as well as interest rates, right now is the perfect time to buy before prices get too high!

I would love to work with you and find a home that fits your needs. I am very familiar with the Easy Valley and could assist you in your venture!

Please feel free to call me, on your time, at 480-275-9566 or you can e-mail me at rebeccakallhoff@gmail.com

I look forward to hearing from you soon!
0 votes
Kathleen Bat…, Agent, Gilbert, AZ
Thu Apr 4, 2013
Yes , there are a couple of loan programs that I am aware of that require no down payment and no closing costs to be paid by the Buyer. Kathleen Bates/ Remax Alliance Group/ 602-620-2837
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Thu Apr 4, 2013
Yes, there are and this is something that would be negotiated into the contract on the home.
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, ,
Thu Apr 4, 2013
Hi My3kids,

Well, if you have military service & are eligible for a VA loan, you could have the Seller pay closing costs & get 100% financing. Your real estate agent will negotiate with the seller to include your closing costs. Also, with a VA loan, if you have enough equity in the property based on the appraisal, you can finance the closing costs into your loan.

You can do the same this with a USDA loan, as well, however, USDA loans are specific to certain geographic locations. Here is a link to the USDA map, showing the areas where homes are eligible for USDA loans: http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…

Once you get there, look to the left on your screen & click "Single Family Housing" under "Program Eligibility" Programs.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required), HARP 2.0 - No Appraisal Required for Refinance for Underwater Home Values, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
Web Reference:  http://www.ezAZloan.com
0 votes
David Donald…, Agent, Falls Church, VA
Thu Apr 4, 2013
It is all in how you prepare and present your offer. It is not just price and closing costs ask me how. People are starting to say it is a sellers market now. That is true in the fact that many homes will get multiple offers so the seller has more say in who they work with and can sell on their terms. It is still a buyers market in that rates are still very low and buyers have more buying power than ever. So right now it is win-win for people on both sides of the deal. You will need to speak with a good lender and see how thing s look for you come July and how will the foreclosure affect you and your purchase of your next home. Many people like yourself are getting ready to get back in the market and I am happy to hear you are moving forward.
0 votes
Scott Garland, Agent, Gilbert, AZ
Thu Apr 4, 2013
It's going to be tough with that foreclosure on your credit. VA, FHA, and FNMA HomePath would be your best options for little to no down payment. There is a lot of competition for homes so you may lose a few offers by asking for closing costs. That's just the nature of the current market conditions so don't get discouraged, just stay focused on your goal. I have been having success with clients purchasing FNMA properties as primary residences with FNMA contributing to closing costs.
0 votes
stephen webb…, Agent, Kirkland, WA
Thu Apr 4, 2013
USDA is a good option but you may also qualify as a first time home buyer. If you have not owned your primary residence for three years you are a first time home buyer. So if you have not lived in a home you own for three years you qualify. As you know your first step is to gather as much information as you can. Than interview loan officers that work for lenders that offer all of the loan types including loans for first time home buyers. The loan officer is a critical choice. Some will attempt to talk you out of the loan that may best suit you becasue their lender does not offer that loan. Read Consultation Interviewing Loan Officers at Your-Road-Home.com, will serve you well. You will also find articles about USDA and some of the other loans available. Be sure to read article #9 about the MCC tax credit. Best tax credit every. You will also find a link to your Arizona's assistance for home buyers. The three years required to qualify as a first time home buyer will be calculated from the time you moved from the last home you owned until the close date of your next home. It may be worth timing your closing. But you are right on about prices rising so the sooner you buy the better. Some sellers will agree to a sixty day escrow.
After you have gathered up all the information you can handle you will find agents and loan officers from your area to interview offering their services on Trulia. Very good source and Trulia is a very good place for questions. Best of Luck and nice work with you credit. Stephen
0 votes
Chad Hagenson, Agent, Gilbert, AZ
Thu Apr 4, 2013
Yes there is, there are programs out there to get grant money that you can use for downpayment and closing costs, up to 5%. Let me know if you need any further information.
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Susan Gregory, Agent, Capistrano Beach, CA
Thu Apr 4, 2013
There are several options for a low down payment and closing costs-one is to use a FHA loan and ask the seller to credit you for your closing costs. Another option is some of the GRANT programs available through various state agencies. These are often given out with no repayment needed-be sure to work with a licensed,knowledgeable professional in your area so you understand all of your options.
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Dan McNulty, Agent, North Port, FL
Thu Apr 4, 2013
If you are looking in Gilbert, AZ which is in Maricopa county we can negotiate seller paid closing costs. In other counties in the state USDA funding is available where the loan is a zero down and we then negotiate seller paid closing costs so out of pocket could be zero.

There are also many other programs from my various lenders with little or no money down.

If you need any assistance please let me know as I would be glad to help you. And of course my service to you as a buyer is free.

Dan McNulty
480-352-3596
http://www.yourazrealestateagent.com
0 votes
Robert Mitch…, Agent, Mesa, AZ
Thu Apr 4, 2013
With a USDA loan there are some options for you. We would have to negotiate to have the seller pay for your closing costs. The area that is covered by a USDA loan are restricted so you would have to buy in those specific areas.
0 votes
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