I would be happy to assist you there. I am a Realtor and Mortgage Broker and I live and focus my work in Cedar Park and NW Austin markets.
There are several different options to reduce your down payment. One is if you are vet or are buying in a USDA approved area you can buy with zero down. Most of Cedar Park does not qualify for USDA financing. You would have to look more in Leander if you wanted to qualify for a USDA type loan.
Your next option is a HUD foreclosure that can be had with as little as $100 down. There are also various other programs like HomePath (property specific) that you can use if the property qualifies.
Here is one way to reduce your cash to close. Use a broker like myself. Here is why. I am set up with all of the major lender like Wells Fargo and many others. Because I am set up at the wholesale level my fees and rates are much better than going directly to those same banks.
Here is an example using your purchase price.
Let's say you bought this home and used a traditional FHA loan. You would need to bring 3.5% for your closing costs. Your down payment alone would be $8,225.
Now on top of that you need to pay or roll in your lender fees. This can total another $5000. I can offer you a lender credit currently of $6,000 to cover all of your title and lender fees at the very same interest rate a bank can offer you without out giving you that credit.
Banks fees are also much higher so if you do not need or want the credit I can always offer about .375% lower interest rate still with less fees than the bank can offer. This is always the case. You also do not pay any origination points for either option. My total lender fees are always much less than the same retail banks.
So using a broker like myself you can save at least $5,000 to $6,000 in closing costs without having to roll it into your new loan. So when you make an offer on a home you don't need to ask for those extra fees which greatly inflate the asking price you need to offer.
If you have any questions or would like to discuss this further please give me a call or email me.
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
email@example.com | http://www.AustinListed.com