Are there banks who give you money towards your closing costs or down payment?

Asked by Alex Moore, East Meadow, NY Wed Mar 6, 2013

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Mar 6, 2013
From time to time you run into major banks who are running programs and offer some funds towards closing costs in certain neighborhoods. Most lenders have the ability to do what's called "lender credits". This is pretty much you accepting a higher interest rate in exchange for funds from the lender to be applied towards your closing costs.

I am always available to meet face-to-face if you're in need of a Loan Officer. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
2 votes
Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Wed Mar 6, 2013
There are a few options we can explore. You could try and negotiate a sellers concession, or an easier method would be to take a higher rate in order to receive a larger lenders credit which is applied towards your settlement costs. If you'd like to weigh out some real figures to determine the most cost efficient method please contact me via phone or email. I look forward to helping.

Kindest regards,

Paul F. Marzolla
Loan Officer
(201) 957-6768
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Mar 6, 2013
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 visit with any licensed loan officer and ask about any programs; you could also discuss a seller's concession...
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