Unfortunately, no, not that I know of - you can get an FHA loan and ask the Seller to pay up to 6% towards your closing costs but all down payment programs normally have some kind of income requirement. The other alternative is to look at a USDA loan which is 100% financing but only certain areas qualify such as Riverview and Plant City, and Fishhawk Ranch.... more
Typically it's a 3 year wait period after a short sale for a purchase. Since the townhome is a second/investment property they may consider you too high risk right now, especially since you are requesting to pull money out.
Talk to a local credit union if you haven't already. Best of luck.... more
Jessica I assume you're buying from a builder? Not using FHA on a lot you already own to build on. You pay closing expenses at the closing date.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
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Mike and Mary,
I would be happy to recommend one of the brokers I work with. I just got one of my clients approved in less than 20 days for an FHA loan. I am a little curious though. Did your realtor not give you a few to talk to??
Let me know and I will email my list to you.
I have a lender that all my buyers work with and his service is excellent.
I am sure he will help you.
Here is the contact.
Richard Smith Mortgage/ lender
Branch Manager/Mortgage Banker NMLS #220593
"The Richard Smith Team" Southwest Funding 835 |click for map:
22503 Katy Freeway Suite 27, 77450 Office 281-994-4240 | Fax 281-840-6881
Complimentary Reports and Credit Repair www.texashomebuyingtips.com
Click here to: Register for Free Online Workshops
Also, please look at all my sites and provide feedback and if one is looking in KATY/Houston
Better Homes & Gardens Gary Greene, Realtor Katy/Houston
Fax: 281-646 1841
"The highest compliment I am ever given is when
I am referred to your family & friends!"
Save on Electricity/Gas & get it for FREE www.EZNFree.energy526.com... more
Every transaction is different and unique. The best thing to do is get pre-approved from a mortgage lender in your area. Then find a realtor to walk you through the rest of the home buying process. It doesn't cost you anything to work with a realtor when you buy a house. The seller usually pays the commission fee of the listing agent and buyers agent.
Good luck in your home buying process!... more
USDA is taking a long time these days. If you want to buy the home, then yes, you just have to push out the closing date. There's not much you can do. Hopefully the seller/listing agent are agreeable to this. But sometimes they are not. Good luck!... more
I actually have a client currently building a home with Avex Homes in Wesley Chapel. They are new to the Tampa area. Contact me and I'll tell you about their experience.
Did they say FHA Bond loan? If this is what you were told, it is a loan that is subsidized by the state of Florida for First Time Home Buyers. It normally comes with a low rate as well as down payment assistance. The amounts can be either $7,500 or $5,000 for first time home buyers. You can find more information at www.floridahousing.org
Most home builders use the bond loans to help first time home buyers. If you are a first time home buyer, please take a look at our web site as we specialize in first time home buyer programs and we are Realtors. If the home is in Hillsborough County you could get up to $25k grant or Pasco County $10,000 grant for new homes.
"Licensed Real Estate Broker"
Broker-Owner/ REALTOR ®
(281) 652-5969 eFax
23612 State Road 54
Lutz, FL 33559
(813) 474-7770... more
I just helped my client buy a Lennar home last week. The list price was right at 200K....we got 10,900 in closing cost paid, 8,000 worth of fence install, pendant lights installed in the kitchen and he got it all for 203K with a $500.00 down payment. He will actually get a check back at the closing table. So yes you can get that price brought down. Good Luck and Congrats.
They can go FHA if they didn't make any late payments. There's a difference between just having a short sale and then actually going late on their mortgage which is then considered a foreclosure or pre-forclosure. The min. wait periods vary by loan program.... more
There is only one way that income is calculated in order to qualify for a mortgage and it is based on net income plus depreciation averaged over 2 years.
You should have a mortgage person look at your tax returns to see what you will qualify for.
Fred Glick, NMLS #133975
U S Loans Mortgage LLC #51022
Contact Bj Mckitty,
His company does USDA & FHA and thry are awsome.
If you need help finding a home I can also assist you.
Hello Jessica, I've sold Lennar homes before and there clients have been very happy. Also, you usually will benefit by using the builders preferred lender and title company . Typically the builder will pay for a portion of your closing cost that they won't contribute to if you use an outside lender. Hope that helps.... more
We fund second home purchases with a minimum 10%, however, if you are buying a duplex it would be difficult to explain this purchase a second home and not an investment purchase. Our investment loans are a min. 15% however I recommend 20% to avoid MI if possible.... more