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Hi need some insight .: I just resently paid down my Debt and making about 118k a year now. I am currently Renting a home and the price just keeps going up . The last increase has me looking into a home I currently have 12k saved after paying all the bills I had to fight down. Is there any grants or down payment assistant for my income bracket? It would take a while to save another 30-40 thousand I have 1 son and am payment child support so between that and rent I don’t have a ton to save .. I’m am 39 so very excited to get the process started sooner then later .. any tips or suggestions would be appreciated
you can always take a personal loan for a down payment... otherwise you can just pay the pmi (private mortgage insurance) which essentially is an additional fee to qualify for the mortgage without a down
There are loan programs out there that allow you to put 3-3.5% down (Conventional or FHA). Whether that is a good idea to put down that little is another story, but that is an option.
You may want to look into an FHA loan. They allow a 3% down payment and you can use a seller concession to cover closing costs. Of course, there are many factors that impact your borrowing ability. Your best bet is to speak with a mortgage professional and then you will know exactly where you stand.
you can always take a personal loan for a down payment... otherwise you can just pay the pmi (private mortgage insurance) which essentially is an additional fee to qualify for the mortgage without a down
Yup I got approved for the loan with 3.5% down the pmi was what stopped me but now I am thinking that’s the only thing that will allow me to get it
Every one is a different, I just sold my house in the last week. I can tell you that we didn't ever consider any FHA, VA or any other program loans. At first we wanted min 35% down after 1st day on the market that changed to only considering all cash or no mortgage contingency. It's a sellers market and it's just flat out safer for sellers to not deal with the restrictions of FHA, VA etc.
Every one is a different, I just sold my house in the last week. I can tell you that we didn't ever consider any FHA, VA or any other program loans. At first we wanted min 35% down after 1st day on the market that changed to only considering all cash or no mortgage contingency. It's a sellers market and it's just flat out safer for sellers to not deal with the restrictions of FHA, VA etc.
Do you mind sharing the link to the house you sold? Must have been an awesome house or a fixer upper for you to have gotten multiple cash offers on it after 1 day.
Do you mind sharing the link to the house you sold? Must have been an awesome house or a fixer upper for you to have gotten multiple cash offers on it after 1 day.
That's a bit to personal since a quick google search would reveal all my information. It was a move in a ready 1920 sq ft house the kitchen looks like it cost 50k I did 1/2 the job myself and cost 19k. The home is in a top school district 8 min by car to train w/ a 40 min express train to penn and was in the 650-700k range. It was on the higher side of prices for what it was, jilted buyers are making stupid offers. If i was a buyer I wouldn't of paid more than 600k. For what it's worth every single all cash and no mtg contingency offer was an Asian buyer.
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