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For BuyersI also have great mortgage resources for you. Most conventional loans now are requiring 10% down which is a lot of money for a first-time buyer to come up with. The first time buyer with limited cash resources is better off trying to get qualified for FHA financing which usually only requires 3% down and the seller can participate up to 6% toward closing costs. Most of the Down Payment Assistance programs have gone away for right now. There is SOME down payment assistance still available. Gifts are still very much valid, i.e. from a family member, etc. I have three mortgage loan officers I work with on a regular basis and they are al deeply steeped in FHA knowledge. So even if you think you cannot qualify, you could be very well surprised. The key is to get you into something you can handle comfortably and the financial people I work with are masters at getting the job done. The FHA rehab program is back also which is a valuable tool in today’s market with so many foreclosures on the market. This is a great loan program for doing major repairs on a house.
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