First Time Home Buyer and Need Help

[Elke Mariotti]

If you're going to look for a house, you'll also need an attorney. If you have one (experienced in RE), great, otherwise, I suggest you get a referral. Then you can ask your attorney for advice, instead of the RE agent.

Next, if you're looking in the Town of Babylon, they currently have a Town Initiative called "Town of Babylon Enhanced Down Payment Assistance Program". Go on the Town website, look for the Town Initiatives link and "read all about it". Good luck!

[I_Love_LI_but]

Originally Posted by mdukes

My husband and I found a house in Suffolk county that we would like to place an offer on. My husband is a veteran and so we qualify for a VA lon with NO money down.

Our realtor is telling us that even though we qualify for VA with no money that we still have to put at minimum $5,000 down or come up with all the closing cost upfront. She is telling us that no one not a seller or an attorney will let us enter into contract because we are considered a risk.

We are first time home buyers and I just want to know if anyone can shed more light on this information we have received.

Thanks

I agree with what your realtor (and other people on here) is telling you.

The point is, on Long Island, we have not gotten to using these tactics to sell a home, like has been used for years in depressed places with no decent-paying jobs (Florida for example):

"No Downpayment! Move In Next Month!"

"Owner Financing -- Low Interest Rate -- Please Buy This House"

Unfortunately, it MAY come to that on Long Island. Maybe, who knows. But as of right now, I doubt anyone will go into contract with you unless you are making an investment of your own cash too.