Closing Cost Help
I am about to buy my first home and we plan to live in it for a couple of years before we start renting it out and making some money on it. I am going into this with no money right now. My only closing money will be my taxes I get back in Jan/Feb. I already plan on asking the seller to assist and asking my broker for a note on her comission. Are there any other suggestions? 
[addsig]
There are several loan programs available but I'm not sure if any of them are in your state. One program is called Ameridream. The other is called Futures. The seller "gifts" the down payment and some of the closing costs. Check with various lenders about those programs. Also, your broker can write an offer asking that the seller pay commission. You wouldn't normally pay the commission unless you have a buyer agency contract with the broker. You can ask the broker to have the seller pay commission or the agent of the seller to split the commission as a co-broke. remember though that when you are asking the seller to pay all these things your offer will need to be a good offer to cover the sellers expenses and help. You will have a bit larger loan payment but with rate still low it won' amount to much more.
Hi Orlando.
CONGRATULATIONS on making the decision.
May I suggest that you try to get a duplex and rent one half out. The rent should MORE than make up for the extra cost.
Also check out any first time buyers plans that might be out there for you.
Mike
I already am getting a 100% loan thru a mortgage broker. My broker is getting her commission from the seller, but I was going to see if she would lend me her commission in the form of a note to help w closing. The figures have already been thought out but I'm just trying to come up with them.
[addsig]
You can roll the closing costs into your loan by getting a seller concession of up to 6% of purchase price which will more than cover your non-recurring closing costs. I also work with a realtor that will rebate half his commission to the buyer. I am in Orlando as well, if you are interested I can help you structure this, see my profile for contact info.
The Postings are excellent and really cover everything.
Only suggestion I can make is an increase in the price of the dwelling to cover all of the contributions of Seller as to closing costs. Let the Comm stand, Keep the Broker friendly and cooperative.Besides you do not pay it, well indirectly because of price increase, but take advantage of present time low interest costs. Your major concern at your time time of life is the monthly payments, letting the price increase a bit is just an accomodation to get into the first of a series of houses that you will be owning.
Advisorly Lucius
I should probably say nothing except,
Lucias has the only real "win win" deal where everyone comes out ahead and is not inconvenienced.
I have found that the truly good deals are not where one party gets screwed but where both leave feeling like a winner.
Under the "L" plan you will probably get your note cheaper than you would through the realtor and at a lower monthly payment as the payment will be spread over a longer period of years.
The only caveat is that there is usually a limit to how much of the closing costs a seller can pay i.e. 3% of allowable closing costs.
Best of Luck!
I should probably say nothing except,
Lucias has the only real "win win" deal where everyone comes out ahead and is not inconvenienced.
I have found that the truly good deals are not where one party gets screwed but where both leave feeling like a winner.
Under the "L" plan you will probably get your note cheaper than you would through the realtor and at a lower monthly payment as the payment will be spread over a longer period of years.
The only caveat is that there is usually a limit to how much of the closing costs a seller can pay i.e. 3% of allowable closing costs.
Best of Luck!
I should probably say nothing except,
Lucias has the only real "win win" deal where everyone comes out ahead and is not inconvenienced.
I have found that the truly good deals are not where one party gets screwed but where both leave feeling like a winner.
Under the "L" plan you will probably get your note cheaper than you would through the realtor and at a lower monthly payment as the payment will be spread over a longer period of years.
The only caveat is that there is usually a limit to how much of the closing costs a seller can pay i.e. 3% of allowable closing costs.
Best of Luck!