Down payment from Seller?

Question

I saw this condo for $93,000 which I would like to buy. Problem is: I have no down payment, Is there a way to have the seller provide me with the down payment? I would like to rented out.

Answer 1

You can ask for money back... but this is generally to cover closing costs... which you will need in ADDITION to a down payment.

Look into local homebuyer assistance programs with your city also.

BUT, if you don't have any money... perhaps purchasing a home is not in your best interest.

Answer 2

If you are going to rent it, you cannot do FHA.

Most lenders will allow a seller concession on closing costs, but finding one that will allow a downpayment concession on an investment property will be very challenging.

Answer 3

You can ask. It depends on how desperate they are to sell whether they will help with the down payment.

Answer 4

Through FHA there is down payment asst. available up to 3% which is what is required.

Answer 5

EXPERT REATLOR is wrong.  Yes, there are programs out there that allow the seller to pay the closing and the downpayment (with FHA).  Ameridream and Genesis Foundation are 2.  We have used Genesis many times with great results.  Plus there is only a $300 fee.

HOWEVER!!!!!!!!!!!!!!!!!!!!!!!!  this is a rental property and FHA will not do this loan.  You will need at least 10% down and it will have to be your own money.

Don't lie, because at settlement they will have you sign papers.  Lying is a federal crime.

Answer 6

You can get downpayment assistance from www.ameridream.com or many banks have down payment assistance programs you just have to call and ask.  I know countrywide has one.

Answer 7

Nope, nope, nope.

They can pay up to 6% in closing costs, but not a down payment.

Banks don't allow that.