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Hi There, If you can't afford the downpayment, you may need to question why you are trying to buy a home at this point in your life. Homeownership may require money after closing including moving costs, maintenance and utilities.If this is a short term problem, you may be able to apply for grant from a local organization. Ask your realtor if they can help you apply for a grant. Grants are available, but certain income guidelines usually apply. You may also need to take courses in homeownership or actively demonstrate that you can indeed take care of a home.You could also ask a family member for a gift. This money can be used towards closing.Regardless if you use a gift or a grant, the fact that you may do this needs to be expressed to the loan officer and the real estate agent. The proper paperwork needs to be filed with the purchase contract. Good Luck! Lisa
You cannot include your downpayment in your mortgage. With a FHA loan you can ask for up to 6% seller assist and Conventional 3% seller assist. Their are downpayment assistance programs but you need to check what is available in your area and if you qualify.
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