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Good Credit but Limited Downpayment Funds

I'm tired of throwing money on rent. I have a fairly good credit (700-720), can make mortgage payments, and would like to purchase my first house. However, I don't have that much money for downpayment. How can I do this?
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March 22 2013 - Silver Spring
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Answers (11)

Best Answer
Your best bet is to speak with a mortgage contact, and I'm happy to give you contact information for someone who is knowledgeable.

There is currently a grant program in the State of Maryland where first time home buyers can get up to $5,000 in downpayment assistance. With an FHA loan where you need to put 3.5% down, that $5,000 can be a big help. There are income limits to how much one buyer can receive, and you have to own and occupy the property for 5 years to avoid having to pay the grant back.

If I can help you further, please let me know.
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March 22 2013
You should talk w an experienced agent to see what your options are. You are asking questions and that is great. Research on the internet for an experienced agent and seek their opinion.
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November 03 2013
You have all ready taken the first step in becoming a Home Owner.  That is, you have made a decision to research the options available to you.  
But take action now.  Don't expect to get all the answers in an online chat room, like this.   
Act on the advice by phoning a full time agent that works in the neighborhood you are most interested in.   Maybe call 3 and from those conversations you can determine who is best qualified to represent you in the process of becoming a Home Owner.  Honest advise based on experience and skills will get the results you are looking for.
Don't delay.   NOW IS THE BEST TIME TO BUY YOUR FIRST (OR SECOND, OR THIRD) HOME!
Good Luck.   
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July 24 2013
I know a lender that works with the $5000 grant program.  Would you like his contact info?
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May 07 2013
USDA guarantee program is great, as long as you do not mind helping develop a rural community. Saving the downpayment for an FHA loan is a great idea too, unless you wish to take advantage of the market today...
The FHLB has a great program to help with your downpayment up to 5000. dollars and it is available in Silver Spring!
American Bank, based in MD, is well versed in helping folks like you buy homes in the region using this program!
Best wishes, Jim
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March 22 2013
Congrats on wanting to purchase a home! I agree with Brad that you should look into the USDA program. 

Since this is your first home purchase, you should also consider a program that will be coming to the area soon. 

Feel free to give me a call and I can put you in touch with a couple of lenders and hopefully assist you in finding your new home! 

Congrats again! It's exciting to purchase a new home!!!
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March 22 2013
Check with a local lender to see if they have any options for you.  Find out what your down payment will be.
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March 22 2013
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An alternative to buying now is to set up a savings plan so you've saved up the 3.5% down payment required by FHA, plus closing costs plus a slush fund for emergencies.      The more you've saved, the more likely you'll have the financial resilience to deal with the realities of home ownership once  you do buy.

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March 22 2013
I would check with a local lender and see if your area will qualify for a usda-rd loan.  
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March 22 2013
FHA requires a 3.5% downpayment.  VA requires 0% downpayment.  Some jurisdictions have a CDA (Community Development) program.  Also, NACA has a great mortgage program.  Of course, you have to check to see if you qualify.

The best advice for you is to find someone that you "trust" and pick their mind.

Good luck!
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March 22 2013
There are loans out there you can get for as little as 3% down, then find a seller who will pay your closing costs. There is also a USDA loan available in rural areas that is a no down loan. Check in your area and see what they offer, here in Maricopa County (Phoenix area)  there are programs available where they pay most of your closing costs if you qualify.
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March 22 2013
 
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