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Question by Jakey’s Mom: I need help finding any first time home buyer assistance programs in Rockland, sales NY?
Planning to purchase a home in Rockland, case NY relatively soon and we are first time home buyers. We are pre-approved for an FHA Mortgage with Chase and have enough for the down payment but need help with the closing costs that are expected to be around 15k.
Can anyone can point us in the right direction on any governmental assistance that will help in covering the closing costs? Thank you!
Best answer:
Answer by real estate guy
Usually these programs are for low income. And there are many restrictions. I recommend that you ask the seller to pay the closing costs. OR use a USDA loan, order which is 100% (and better then FHA because it has not PMI) and use the money you have for the closing (unless you can get the seller to pay).
What do you think? Answer below!
A good mortgage broker would be aware of any programs available to you. Talk to your broker
Normally if you are pre-approved this would mean that you would have sufficient down payment and need only a few items to complete your mortgage loan application. A pre-approval would man Your application has been submitted to an underwriter, your financial situation has been looked into, you have provided income documentation to include any reserves and proof of down payment.
Most pre-approvals would indicate the amount of house you are authorized to purchase, include the interest rate, monthly payments and closing cost.
FHA has a mortgage loan program with as little as 1% down depending on your credit score. You might ask your mortgage loan officer if you are qualified for this FHA mortgage loan program.
Your offer might include that the seller would pay all closing cost. The seller would counter your offer with what they are willing to pay in the area of closing cost.
Perhaps you are pre-qualified, which is a new ball game.
There are a few home buyers assistance programs. You would have to consult with your local city and county housing officers about these programs and find out the qualification.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
Any lender in Rockland will know about any programs available to you, including any forms you need to submit. There are no federal or state programs, any government program would be from the city or the county.