what is the best way to get a home with help for the down and closing cost?

Asked by Dianna Randles, Beaumont, CA Mon Jun 30, 2008

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Debt Free Da…, , 85260
Sun Jul 20, 2008
I would look at the ameridream and nehemiah down payment assistance programs.
Web Reference:  http://GetPrequalified.com
0 votes
, ,
Sun Jul 20, 2008
Seller paying closing costs has always been an option. And with FHA loans, gift funds are allowed to cover the down payment. Currently, the seller can gift to a charity that will, in turn, gift to you the down payment.... the net effect is nearly zero out of pocket to get into a home.
Ask a lender to see if you qualify and then ask a realtor to see if there are any homes that would fit this criteria.
0 votes
Paul B. Perez, , Austin, TX
Tue Jul 1, 2008
Hi Dianna,

Here is an actual answer to your question in my link below.

Look for a REALTOR that is a Certified AFFORDABLE HOUSING SPECIALIST, such as myself. You can find one in your area by searching going to the Texas Realtors Website.

Good Luck!
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Jun 30, 2008
Based on credit scores could drive the down payment, with a good agent they can do closing cost hopefully with seller on your behalf. http://www.lynn911.com
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, ,
Mon Jun 30, 2008
There are some options that are available for you. HUD has a program called the HUD100 where they will let you into the home with $100 down ..depending on the bids on the home you can ask HUD to cover all closing costs as well. The home has to be a hud foreclosure. You can go the typical FHA route that does require 3% down but FHA allows for the use of down payment assistance and under FHA guidelines the seller can pay up to 6% of your closing costs. The first thing is to get pre approved and see what you can qualify for then start looking for your dream home. Please let me know if you have any additional questions.
Leesa Sandoval
0 votes
Ute Ferdig, Agent, Newcastle, CA
Mon Jun 30, 2008
Helle Dianna. I would check into the Nehemiah program and FHA loans. Combining the two programs will get you up to 12% in allowable buyer credits, which is significantly more than the 3% that conventional lenders typically allow. Please keep in mind that just because the lenders allow these credits, this does not mean that the seller has to agree to pay them. Everything is negotiable and how much of a credit (if any) a seller is willing to give will depend on how motivated the seller is. Good luck to you.
0 votes
Nancy Guerra, , Rancho Cucamonga, CA
Mon Jun 30, 2008
Are you looking in Beaumont ?

Beaumont has the best Wal Mart ! Haven't been to the Ross yet !

I recently sold a home in Beaumont my buyer paid ZERO !

Her closing cost and her down payment was paid by the seller.

Your first step would be getting pre-qualified/pre-approved.
It's all about leverage and creativity.
Web Reference:  http://asknancyg.com/
0 votes
Mon Jun 30, 2008
Dianna,

The best way that I know of is....

1. Work with a Realtor and have them negotiate a seller's concession in your behalf. Make sure there is enough concession to cover your closing costs.
2. Utilize the City of Beaumont's Down Payment Assistance Program:)

Please feel free to email me with any quesitons that you may have...at Tino.Muratore@gmail.com

Thank you,

Tino Muratore
0 votes
Jeff Kessler, Agent, Austin, TX
Mon Jun 30, 2008
There are a lot of different programs out there. I would contact a lender to help you with those programs.
Otherwise a seller may help with the costs. You just have to have your agent make sure that it is in your offer.
If you go with a new home builder they have a lot of different incentives. I also share my commission with you if you buy a new home. That really helps a lot of my clients out.
If you need more help please email me.
Thank you,
Jeff
0 votes
Yvonne Cousar, Agent, Round Rock, TX
Mon Jun 30, 2008
There are several down payment assistance programs available. American Home Grants is one of many. If you need to find out more information about these down payment assistance programs, contact your local realtor, or send me an email with your specific requests.

Yvonne Baker
http://www.YvonneBaker.com
ycbaker@kw.com
Web Reference:  http://www.yvonnebaker.com
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