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No Money Down?

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Anonymous
Not applicable

Re: No Money Down?


@Anonymous wrote:

has anyone used this program before, what are the hous price limitations and actually how hard is it to get this assistance?


Im using Ohio's assistance, but Im sure they all pretty much work the same.  Are you buying in Georgia?  If you click on the actual program your interested in from the link provided by Shane it will tell you the house price limit.  Example: click on  "Georgia Dream 30 Year First Mortagage".  It will take you to a pdf that says purchase price of no more than $250,000.

 

As long as you qualify, I think its pretty easy to get the assistance.  My LO just had me fill out the applications for the programs Im applying for when I filled out my other loan documents.  He's already included them in with my loan.

Message 11 of 16
Anonymous
Not applicable

Re: No Money Down?


@Anonymous wrote:

@Anonymous wrote:

has anyone used this program before, what are the hous price limitations and actually how hard is it to get this assistance?


Im using Ohio's assistance, but Im sure they all pretty much work the same.  Are you buying in Georgia?  If you click on the actual program your interested in from the link provided by Shane it will tell you the house price limit.  Example: click on  "Georgia Dream 30 Year First Mortagage".  It will take you to a pdf that says purchase price of no more than $250,000.

 

As long as you qualify, I think its pretty easy to get the assistance.  My LO just had me fill out the applications for the programs Im applying for when I filled out my other loan documents.  He's already included them in with my loan.


Ugh I cant edit my post and copy & paste messed up my sentence.   To finish my sentence:  It takes you to a PDF that says purchase price of no more than $250,000.

Message 12 of 16
Anonymous
Not applicable

Re: No Money Down?

I was told today there was no grant $ available for first time home buyer down payment assistance in my area. I didn't think to ask if it is a program that gets funded after the new year since I won't close until after that point anyways. Also didn't think to ask how quick the process is.

 

I know with a USDA Direct loan my out of pocket will be little to none (currently just anticipating the homeowner's insurance) but it would have been nice to have that taken care of and not financed in the mortgage. My realtor promises he can have that financed in (possibly paid by seller) but that lowers my purchase amount.

 

If anyone has any other suggestions please let me know. I live in New York.

Message 13 of 16
notmyj
Regular Contributor

Re: No Money Down?

Im doing a USDA garanteed mortgage as I was tryingto keep out of pocket expenses to a minimum. All said and done, I should only have to put out $1000-$1500. I'm in underwriting right now, so we will see how it goes at the closing table. Hopefully in a few weeks.

BK7 Filed 6/4/18
341 7/13/18
SCORES
7/19/18 Pre Discharge TU 8 572 EX 8 566
Message 14 of 16
Anonymous
Not applicable

Re: No Money Down?

I got a USDA loan and only payed the $275 for an inspection, the seller paid all closing costs and I walked out of closing with a check for $46 so my total OOP was really only about $225.

Message 15 of 16
IOBA
Senior Contributor

Re: No Money Down?

I am cringing - can you see it?

 

I had several lenders tell me that I qualified for the no money down loans.   Besides paying for appraisal and maybe inspection, I would need to bring about 24k to the closing table to cover "fees" on a 300k loan and I would be financed 100% of the purchase price.   Yeah, right...no money down huh??

 

I am not going that route...

 

Call and ask when new funding comes in.   Keep looking! 

 

 

Message 16 of 16
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