Profile picture for allme20

would i need a down payment

Im looking to move by december we have 1,000 to put down.
  • October 09 2010 - Glen Burnie
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Answers (9)

There is a program called CDA.  It is available in Glen Burnie.

The CDA program will allow you to borrow the down payment.

Also, some costs can be requested from the seller.

I know a couple of lenders that will work with you.

If you need help feel free to call or email.
  • October 11 2011
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allme - you asked this back in October, saying you wanted to move by December................so..............it's April now - what happened?
  • April 23 2011
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Profile picture for Eve Marie

There are several programs that require little to no money down one of the most popular low down payment would be FHA loans that require 3 1/2 % down payment as far as closing cost you can ask for seller participation or perhaps wrap it into the mortgage if allowable... Additionally,  different areas have Rural programs that are still offering 100% financing. One local bank in the Western MA area just came out with $10,000 assistance for buyers that qualify to purchase with $1,000 towards closing cost so there are programs out there you need to see your local lenders to see what is available in your area. the program I mentioned, Buyers need great credit and income not to exceed a certain amount I believe depending on family size. Best of Luck to you; see your local Realtor for help they will usually the best local programs available. 

  • April 23 2011
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Keep saving! $1,000 is a lot of money but might not be enough. Are you a Veteran? 0% down if so. Most important thing you can do now is to contact your mortgage lender. They can set you on the right path to home ownership.
  • April 23 2011
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Yes you will need a down payme3nt and there are closing costs to consider as well. Maryland has a great first time homebuyer program, depending on who your employer is, how far you live from work and a few other factors it is possible to recieve up to $16,500 is assistance from the state. Some of the money is direct grant money, the reast comes in the form of a non payback, no interest loan. It is only a no payback loan if your stay in the home for a set period of time. If you sell before then the amount is prorated based on number of years you have owned the home. I'm in Crofton, let me know if you want to hear more. Best of luck  
  • October 28 2010
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To be honest, no one , in my opinion, who only has $1000 should even be thinking of buying a home.

You need to plan ahead and save some money. Owning a home can be costly -  besides the mortgage, taxes and insurance. Remember,  there is no super to call when things break. A new roof or furnace is expensive . You will be walking on thin financial ice if you have little or no cushion to fall back on. Most financial advisors would tell you to have at least 3-6 months worth of expenses in the bank.
Save some money first  - you won't be sorry you waited to do that.

Best wishes............
  • October 09 2010
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Yes you will need money to close.  You can get that from a combination of places.  Seller assistance, grants from Anne Arundel Co.  I Like the MAP program if you are buying in A.A. Co. A grant up to $30,000 for qualifying buyers.  Please let me know if you have questions.

Thank You,
Jenna Schreiber
[contact info removed by moderator]
  • October 09 2010
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If you are a first time buyer there is a great program available that will enable you to receive up to $7,500 towards your down payment and closing costs if you meet the criteria to obtain this grant.  Most first time buyers do qualify and need next to no money to close.  If you would like to be put in touch with a lender who is affiliated with this grant, please feel free to contact me.

  • October 09 2010
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Profile picture for MovewithMarci
You will most likely need more than $1000 to purchase a home. Depending on your income , credit and other factors, here are several programs to assist first time buyers. These programs differ by county. I'd be happy to help you explore your options.

I hope this is helpful.
  • October 09 2010
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