Profile picture for krishuff

Non-first time home buyer down payment assistance

I already have an FHA loan and can't get another.  My only option is a conventional but I don't have 10% to put down.  Does anyone know of a gift program for non-first time home buyers?
  • June 14 2010 - Atlanta
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Answers (10)

I would check with georgia Dept of community affairs they are over most of those programs.

  • June 24 2010
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Profile picture for SoCal Engr
"It's a shame that all these laws caused an end to all the 80/20 conventional programs."

Not! What's a shame is that the fallacy of a "right to home ownership" drove a whole class of loans that enabled people to get in over their heads...and created an artificial market that supported the food-fight of the '90's and early 2000's.

With any luck, lenders will keep the underwriting guidelines tight enough to bring/maintain some sanity to the overall residential RE market - although that might mean a thinning-of-the-herd for RE agents.
  • June 14 2010
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Profile picture for wetdawgs
IMHO, It is wonderful that all this financial crisis has led to elimination of the 80/20 option.   What do the statistics show?   Those who have a substantial down payment are less likely to default. 

Perhaps it is time to stay in your 4 bedroom house and build up the down payment so that you will be ready to move in a few years.     It is also a good thing that they aren't easily allowing FHA to support investment properties.
  • June 14 2010
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Can you put down 5% and cover both house payments in your debt ratio?

  • June 14 2010
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It's a shame that all these laws caused an end to all the 80/20 conventional programs.




No it's not.
  • June 14 2010
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Profile picture for krishuff
I tried that.  I was told that although I have an increase in family size, the original house is large enough to accomodate.  My investment property is a 4-bedroom and the new house is a 3 although the square footage is larger in the 3.  It's a shame that all these laws caused an end to all the 80/20 conventional programs.
  • June 14 2010
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Profile picture for wetdawgs
If you have sufficient equity in your investment property, then you will have more opportunities.

Read the rules on FHA carefully, I vaguely remember (but don't promise) that if you have had to relocate for a new job or some other (limited) reasons, you may be able to get a second FHA loan.   The restrictions are detailed.  
  • June 14 2010
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You can get another FHA loan if your family is growing and you need a bigger house or if your employer is relocating you.

  • June 14 2010
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Profile picture for krishuff
Hi Wet....No this is my primary residence.  The FHA loan is now an investment property that I can't sell due to market conditions.  I have money for a down payment (3.5%).  I just don't have 10% which would be over $30k which is why I am looking for the assistance....
  • June 14 2010
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Profile picture for wetdawgs
Help us understand a little bit better.  You describe that you already have an FHA loan - this implies you already own property.    Is the next property you are wanting investment property?  (Then you'll need more than 10% down).

Why not go the old fashioned way and buy the next property after you've taken the time to save up the down payment?

  • June 14 2010
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