In today's market, many buyers would like to take advantage of the lower prices and attractive interest rates. But here is one problem. There are no 0-downpayment loans any more. And when purchasers have not saved enough for downpayment and closing costs (sometimes it is a considerable amount), they step back and miss out. Here are a few ways to get around the lack of cash when purchasing a real estate property:
1. You can use $8,000 first time buyer credit;
2. You can get a grant which can be applied both toward closing costs and downpayment;
3. You can ask for seller subsidy.
If you use 1,2, and 3 options you may end up spending $0 at closing and using the $8,000 for renovating your house or for other purposes.
Talk to an experienced loan officer before you give up. If you do not know one, call or email me. I am here to help.
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