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Old 06-22-2010, 07:15 PM
 
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i was just approved for my fha homeloan however am unable to come up with my 31/2 percent down. does anyone know of any agency or group that might gift it to me
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Old 06-22-2010, 08:27 PM
 
68 posts, read 464,419 times
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Did you get Pre-approved? or an actual Underwriter approval where property is contracted and appraisal and Verification of Employement has been done?

I don't know if anyone can get a final approval if you don't even have the 3% down or lender verifying where your 3% is. Most of the time that must be earnest money, something that you earned and has been in your bank account for the last 2 months.

how can you get approved without having the 3% down?


Quote:
Originally Posted by sadieboop View Post
i was just approved for my fha homeloan however am unable to come up with my 31/2 percent down. does anyone know of any agency or group that might gift it to me
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Old 06-22-2010, 08:52 PM
 
Location: MID ATLANTIC
8,421 posts, read 21,679,366 times
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What state are you in? We have grants for qualifed homebuyers of $7500.
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Old 06-22-2010, 09:58 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,226,295 times
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Most states have down payment assistance if your income is within eligibility limits. Here in California we offer a 3% 2nd mortgage for those eligible borrowers, leaving the remaining .5% to be brought in by you.
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Old 06-23-2010, 10:26 AM
 
Location: Lending in all 50 states
198 posts, read 771,533 times
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Quote:
Originally Posted by sadieboop View Post
i was just approved for my fha homeloan however am unable to come up with my 31/2 percent down. does anyone know of any agency or group that might gift it to me
Good morning Sadieboop,

It looks like you're in Franklin County Alabama, is that right? If so, you may qualify for a USDA Guaranteed loan with no money down and no monthly mortgage insurance.
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Old 06-23-2010, 11:05 AM
 
11,642 posts, read 22,738,406 times
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Quote:
Originally Posted by sadieboop View Post
i was just approved for my fha homeloan however am unable to come up with my 31/2 percent down. does anyone know of any agency or group that might gift it to me
If you cannot come up with 3.5% down you should reconsider whether buying a home is for you. Homes cost money to maintain and home repairs in excess of a thousand dollars are not uncommon.

If I knew of a group that would gift it to you I would tell you, but I think that maybe you should save some money before you buy a home.
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Old 06-23-2010, 11:11 AM
 
Location: Laguna Niguel, CA
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It is always good to have an emergency fund saved up for. A recent story I read was just within weeks of buying a home the husband had a very bad motorcycle accident, if the family didn't have an emergency fund they would have needed to use their money for their mortgage payments to pay for the medical bills and would've started down the road of foreclosure... all right after struggling to qualify to buy their piece of the American dream.
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Old 06-23-2010, 11:25 AM
 
84 posts, read 423,840 times
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Quote:
Originally Posted by Momma_bear View Post
If you cannot come up with 3.5% down you should reconsider whether buying a home is for you. Homes cost money to maintain and home repairs in excess of a thousand dollars are not uncommon.

If I knew of a group that would gift it to you I would tell you, but I think that maybe you should save some money before you buy a home.
I concur; if you can't muster a 3.5% down payment, how are you going to handle property taxes, home maintenance, furnishing it, and still maintain emergency funds in case your income drops or your pipes break or something like that?
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Old 06-23-2010, 11:34 AM
 
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I honestly think, people should have at least 5-8 months of mortgage in excess of the downpayment when buying a home.

I agree that if you don't have even the 3% down, how you going to pay for the home maintenance things and stuff like that.

Quote:
Originally Posted by mongoosedn View Post
I concur; if you can't muster a 3.5% down payment, how are you going to handle property taxes, home maintenance, furnishing it, and still maintain emergency funds in case your income drops or your pipes break or something like that?
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Old 06-23-2010, 11:59 AM
 
11,149 posts, read 15,231,157 times
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Quote:
Originally Posted by sadieboop View Post
i was just approved for my fha homeloan however am unable to come up with my 31/2 percent down. does anyone know of any agency or group that might gift it to me
This is the only question being asked folks, so advice on whether to even purchase a home or not, though well-intentioned, is off-topic.
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