Profile picture for Joshuatlm

We can't afford a down payment, seller is willing to work with us. what do we do?

We are trying to buy a townhouse and we dont have enough for a down payment due to where we live now, our lease is up in april and we want to purchase the house from him and he is willing to work with us but is there a way for a 1st time home owners to get a loan right now to purchase a home as inexpensive as 40,000 to 49,000?  Please help,  need good advice.
  • February 28 2009 - Greenville
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Answers (7)

for eligible borrowers the NC HOusing Fiannce AGency offers Down Payment grants of up to $8,000 (this is in addition to the tax credit)       

Check out more information at www.nchfa.org
  • April 02 2010
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Profile picture for natewolf
AGAIN I REPEAT, see my posting below. I am a Realtor/Broker from North Carolina. There are special programs for low income buyers. There is a link in my other post which can help you.

Contact any bank: Bank of America, Wachovia, RBC Centura, SunTrust. They all have FHA Loans and also can offer you the North Carolina Housing Finance Agency Down Payment Assistance program. FHA Loans are not credit score driven-- they are "on time payment" driven. So the only way to know about it is to contact the lender and actually make the application.

You will also potentially qualify for the $8,000 Tax Refund for First Time Homebuyers!!!! Also, the seller could hold a Second Mortgage instead of requiring you to pay it up front. And you can pay off the second mortgage with your $8000 Tax Refund. Ask the bank when you speak to them.
  • March 02 2009
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Profile picture for Juan Sosa
You can try a Lease to Buy option, where you lease for a period and then buy.  Or you could save-up for a down-payment and look to buy then.  Once you have the down-payment, your real estate preferences may have changed. 

Either way good luck,

juan
  • February 28 2009
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Profile picture for Joshuatlm
what if my credit is only fair and her's isnt very good either.
  • February 28 2009
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Profile picture for natewolf

There are 100-percent FHA Loans*(97/3) available for first time homebuyers in North Carolina. It is a 3-Percent Down Payment Loan at ZERO-percent interest for 30 years. Plus a 97-percent FHA Loan fixed rate for 30-years. The current rate this week was 5.99 percent. PLUS, in most cases you will still qualify for the $8000 Tax Rebate!!!

CLICK HERE FOR PROGRAM DETAILS.

"If you are dreaming of buying your first home, but not sure you can afford it, a low-interest mortgage and downpayment assistance may be just the help you need. The North Carolina Housing Finance Agency helps make home ownership affordable for first-time buyers by selling tax-exempt Mortgage Revenue Bonds and issuing Mortgage Credit Certificates (MCC) under federal authority. Mortgages are available through nearly 700 North Carolina lenders and their branches."

North Carolina Housing Finance Agency : nchousing.org : nchfa.com

  • February 28 2009
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Profile picture for Alan Grizzle
See if the home can be approved for a 100% USDA loan.
  • February 28 2009
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Follow this link to a first time home buyers program in Greenville, NC. Depending on income guidelines and the location of the property, you may or may not qualify for the program. Scroll down towards the bottom of the first page for the phone number of the program administrator.

With any luck they will direct you to a lender that is qualified to handle this type of transaction.Greenville Home Buyers Program
  • February 28 2009
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