Profile picture for zuser20140325193431331

is it possible to get down payment assistance on a forclosure?

  • March 25 2014 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for wetdawgs
Down payment:   this is usually a percentage of the house costs.   For example, one type of loan requires 3.5% down payment.    This means if you buy the house for 100% and put 3.5% down, your loan will be for 96.5% of the purchase price.  

Closing costs:   money you pay to cover the cost of borrowing the money and purchase expenses.    This includes lender fees, title fees, appraisal fees and many more.  

If you have no down payment and no cash for closing costs, it may be premature to consider purchase.   Foreclosures often require significant repairs.   Zillow has the home buyer's roadmap that may help you understand the process.

  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Down payment is the amount that you have to have in cash as a percentage of the purchase price. Most loans require a down payment unless they are part of a grant program, but VA loans and USDA qualifying property can be zero down payment if you qualify. FHA requires 3.5% of the purchase price as a down payment and the lowest conventional loan down payment I've read about is 5% of the purchase price.

Closing costs are things like recording fees, loan fees, escrow fees and transfer taxes. they vary from area to are, but many times they amount to about 1-3% of the cost of the house. Sometimes you can ask for help from sellers in paying closing costs, but generally you still have to have some in reserve on your side to close. Hope the links help.
  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for zuser20140325193431331
what is the difference between down payment and closing costs? I'm trying to decide if buying a home is an option for me. I do not have cash-in-hand
  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Burt Smith
Hello,
If by asking if a seller of bank owned/foreclosed property will assist you with help towards your closing costs and pre-paid escrow items at closing the quick answer is yes its possible depending on the seller, the type of mortgage your obtaining and your offer. The seller of ANY property cannot help you with your actual "down-payment" at this time with the mortgage programs I am aware of such as a typical conventional mortgages OR an FHA mortgage, the down payment must come from your funds although there are some programs with state assisted down payments depending on where you live but it would be best to inquire with your mortgage lender with that question to see if they are available and if you qualify, but keep in mind a "down payment" and "closing costs" are two totally separate things... I hope that helps!  
  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.