What's the best approach in my situation?
First time to buy a home and found a place that's perfect for my needs. I'm working with my agent to make an offer. Property costs $390k and there are minor issues that I would like the owners to address before I close. My offer is $375k with an escrow of $10k. I was hoping to spend little to no pocket money when purchasing this house and I don't know how to go about it. Contract is "as is" btw. by altenor18 from Miami, Florida. Jan 13th 2023
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
get a loan application started asap ....there are several options for low / no down payment -but you may need to put a small amount down ... let me know if you would like a referal to a FLA loan officer ...your realtor should be able to refer you to a loan officer as well...Dave Skow Movement Mortgage dave.skow@movement.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Standard loans start at 3% down. FHA is 3.5% down. USDA Rural housing and VA loans start with zero down. Down payment assistance maybe available which may lower your out-of-pocket. You still have closing costs that need to be paid too. Reach out to a local mortgage broker. Give them a full application, and they can zero in on options available to you. Most sellers won't even look at your offer if it doesn't include a loan pre-approval letter. EVERY potential home buyers first step to buying a house is to talk to a mortgage lender BEFORE you talk to a realtor and before you look at houses. I lend in MN, WI, IA, ND, SD. I can be found at FirstTimeHomeBuyer-MN.com Cambria mortgage, NMLS 275132
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