First time homebuyer need help finding programs for downpayment and closing costs

In Buying Property - Asked by Cherita M. - Apr 7, 2012
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J. David F.
Brentwood, TN

You should go to a lender of your choice, complete an application- and be sure they have in house under writing. This tells you what price range to shop for and, if you go ahead with pre-approval makes you a cash buyer in the eyes of the seller- a desirable buyer at worst.
Next secure the services of a licensed Realtor with certifications in homes- a CRS desiganation should get you the top of the class agents. They will guide you in the processs along with your lender. The agent and lender will explain what programs are available adn thelender can qualify you for them. Good luck- and if you need an agent referral, let me know!

Apr 9, 2012
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Nancy G.
Rochester, NY

Dear Cherita: You should be on websites like, Zillow, and other websites which work with residential. If you come to NY or GA, I would be glad to help you. In IL, you should hire a residential agent to advise you.

Apr 10, 2012
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Dumfries, VA

Dear Cherita,
I have a different response to you. I challenged myself when I was a tenant to save some money equivalent to downpayment before buying my first home. It is a great and helpful practice that will boost your confidence in keeping the home and always having reserves after the purchase. It is true you can find some programs out there but also necessary to practice having reserves. Good luck with your search.

Apr 11, 2012
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Nadina C.
Phoenix, AZ

Consult your local city, county and state housing departments. Check out their web sites. There are many programs now for working people with low or moderate income.
However, I do agree with Tang's advice. Homeowners always need a cash reserve (plus a home warranty policy) to cover unexpected repairs, damage not covered by insurance, etc.

May 9, 2012
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