I was supposed to get gifted my down payment from my father now its all gone. Any way to get into a home?

Asked by Doug Hansen, Valley Stream, NY Mon Aug 31, 2009

asap! Only have 5k in bank.

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Dan Chase, Home Buyer, Texas City, TX
Thu Jan 7, 2010
It has taken me a lot of years sacrificing and saving more than you would believe from my income each month.

You may find that you can get enough of a down payment if you cut out luxuries. You do not need soda, coffee, movies, pay tv service, internet, a brand new car, or all kind of other things that make life more pleasant. Over time you can save a lot. If you did magically get a down payment in your hands now how would you afford it when you have a $4k expense come up?

Buying a house, that may be easy. Keeping that same house, that can be problematic if any financial surprises come along and you are already financially tight.

(4 points)
2 votes
Dp2, , Virginia
Tue Sep 1, 2009
You could explain your situation with the seller, ask him/her to carry back financing with a 6-month balloon, and do a rate/terms refinance--instead of obtaining new financing--with your lender.
1 vote
Eleanor Sams…, Agent, Valley Stream, NY
Wed Dec 19, 2012
Hi Doug,

Yes! It would be best for you to speak with a loan officer who can supply you with creative options and help you to devise a plan to obtain your dream home. Please feel free to call me at 646 201 0564 for a referral. You may not be able to get your home tomorrow, but you will be educated on different products and be shown options on how to eventually purchase a home.
0 votes
Joshua Zarga…, Other Pro, Lynbrook, NY
Thu Jan 7, 2010
If you have good credit, good job , good income, and you are able to save money then, your way to own a home will be smooth.
You should speak to a loan officer and he will be able to help you.
We have a loan officer available to help you.
Just call me at 516-599 3569
0 votes
Rich Duffy, Both Buyer And Seller, 11703
Fri Oct 30, 2009
nassau county has a down payment assistance program. try looking into that. I beleive the amounts given are based on your income, price of the home and the size of your family
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Tue Sep 1, 2009
Will you be able to get any more money by the time of closing? Do you have any money in a 401K or other type of retirement plan? If you do, you can take some of that money out - without paying a penalty only the usual income taxes - for the purchase of a primary residence. You may also want to see if there are properties out there where the seller may act as the bank and hold the mortgage. I would suggest that you contact a good mortgage broker and then hire an agent to represent you in the purchase. A little bit of creativity may go a long way in your case. I am a certified buyer representative and would be pleased to assist you. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Aug 31, 2009
Speak to any qualified loan officer and see exactly what your budget can handle and take it from there.
0 votes
Lenny Bobrow, Agent, Woodmere, NY
Mon Aug 31, 2009
Quite possibly. If you are a homeowner in Nassau County there is grant money available that can be used towards a downpayment. There are qualifications that must be met,.

If you want information, contact me and I can put you in touch with the people who can give you the details.


Donna Galinsky
0 votes
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