Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Gulp. And...closing costs are going to be tough as well...
because I pay so much in rent I can't save, grr
I have my eye on a completely affordable small house, great investment, totally within my means...have steady job, pays fairly well - only credit blemish is that I carry quite a bit of debt right now. But otherwise everything is getting paid on time and has been.
But savings? Forget it!
There's nobody in my life to give a gift down payment...am I completely out of luck in this economy? NC offers a great loan for first time homebuyers, but my income is above the limit for a down payment assistance loan.
This down payment issue is the main thing keeping me a renter.
I don't know the rules in NC, but here in FL, I just worked with a FTHB. Purchase price was $90,500. He put $500 in escrow. We asked for and received 6% towards downpayment, closing costs, pre-paids and non-allowables. And he got a $10,000 mortgage revenue bond (we had to search pretty hard to find a lender who does these). He was out of pocket about $500. Good luck. I hope it works out for you!
Last edited by TampaKaren; 12-03-2008 at 06:29 PM..
Gulp. And...closing costs are going to be tough as well...
because I pay so much in rent I can't save, grr
I have my eye on a completely affordable small house, great investment, totally within my means...have steady job, pays fairly well - only credit blemish is that I carry quite a bit of debt right now. But otherwise everything is getting paid on time and has been.
But savings? Forget it!
There's nobody in my life to give a gift down payment...am I completely out of luck in this economy? NC offers a great loan for first time homebuyers, but my income is above the limit for a down payment assistance loan.
This down payment issue is the main thing keeping me a renter.
Talk to a couple of agents that keep up with local financing programs. They'll point you to the right lenders.
The State Employees Credit Union in NC offers 100% financing. If you're not a state employee but know someone who is already a member, you can get an acct.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
