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With the assumption that I have the 3.5% down but not the closing cost fees. (Not quite certain what these fees might entail, are they in the thousands as well?)
I just feel like I'll never qualify. I am working on my credit and saving up more HOWEVER I can't change my income
I am also interested in homes (small as can be) in the RocklandCounty area. (Pearl River or New City is my dream area.....I know......keep dreaming...)
PS (in the event this is relevant to a loan application)- I am married but my husband and I are going through a separation although we are not divorced yet.
Thank you for any assistance or advice you can offer.
I just bought my house and closed June 12 (single mom, 2 girls, 620 credit score). I used the Obama tax credit and in Missouri, the state gave me the money upfront and I pay it back next June. I had to go FHA with this one. You should call your state housing agency to see if they can help you. I will receive $8000 as I amended my return. You must, must, must got to a lender and a buyer who are aware of these programs, willing to work within their stringent guidelines, and who will hold your hand through the entire process. My closing was paid by the seller which most will do for you now. If I had to pay out of pocket it would have been about $2k after all is said and done. If you want more details, let me know.
I just bought my house and closed June 12 (single mom, 2 girls, 620 credit score). I used the Obama tax credit and in Missouri, the state gave me the money upfront and I pay it back next June. I had to go FHA with this one. You should call your state housing agency to see if they can help you. I will receive $8000 as I amended my return. You must, must, must got to a lender and a buyer who are aware of these programs, willing to work within their stringent guidelines, and who will hold your hand through the entire process. My closing was paid by the seller which most will do for you now. If I had to pay out of pocket it would have been about $2k after all is said and done. If you want more details, let me know.
Hi and thank you for sharing your story. I'd certainly welcome more details however I live in NY and in Rockland county the average to low cost is at least 300-350K so I think my circumstance may be different.
I don't think a lender would even want to bother with me with my low income for NY.
Hi and thank you for sharing your story. I'd certainly welcome more details however I live in NY and in Rockland county the average to low cost is at least 300-350K so I think my circumstance may be different.
I don't think a lender would even want to bother with me with my low income for NY.
As long as you have your own money for down payment of 3.5% you can ask the seller to contribute the closing cost (3%-6% on FHA) which will take care of the reserves for taxes, title fees, lender fees and any third party fees.
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