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About Denise Monaco
Expertise
I can answer questions about home mortgage financing, the difference between a mortgage banker and a mortgage broker, fees involved in purchasing a home and refinancing a home or obtaining a home equity loan and the difference between a 1st & 2nd mortgage and the option to have PMI (Private Mortgage Insurance) Jumbo loans, conforming and non-conforming loans.

Experience
I have been a closer, processor and operations manager and currently a account executive for a national mortgage banking company. I have been in the field for 25 years.

Education/Credentials
Real Estate License & 25 years field experience with many national mortgage banking companies.

Awards and Honors
Top sales person, employee of the month, highest sales award

Past/Present Clients
personal home buyers

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Down Payment

Real Estate Home Mortgages - Down Payment

Expert: Denise Monaco - 7/4/2009

Question
My husband and I are newly weds who paid for our wedding ourselves. All of the money we've been saving up for the past year went to that. We are now living in an apartment and our lease is up in October. We really want to take advantage of the first time home buyer $8,000 tax credit before it is over. The problem is coming up with the money for all the closing costs and downpayment. We are doing the FHA loan where you need 3.5% down. Our combined income is around 75,000 a year, which is more than the median income in our state. We were just wondering if you could recommend any kind of assistance for us. Would it be a good idea to take out a second loan possibly? We are kind of stuck between a rock and hard place because we don't want to rush into anything, since this is such a big decision but $8,000 is a lot of money to pass up. We are hopeing they extend that longer! Well thank you in advance for your advice, it's very much appreciated!

Answer
Hi Hillary

The only other thing I can think of would be to see if your property is located in a RURAL area. If it is you would qualify for the 100% financing.(http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do). You would need to check with the USDA website (listed above), all you need is the property address and it would tell you if the property qualifies. Also if you can come up with the 3 1/2% down (it can also be a gift) you can have the seller pay for 6% of the closing costs which usually covers all but the down payment. Good Luck and let me know how you make out.

Denise

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here