4 ms·

EDIT: forgot the link: https://www.hud.gov/buying/loans https://www.hud.gov/buying/loans FHA loans can be 3.5% down ($14k on a $400k loan) and closing costs ca

EDIT: forgot the link: https://www.hud.gov/buying/loans https://www.hud.gov/buying/loans FHA loans can be 3.5% down ($14k on a $400k loan) and closing costs can often be financed (most of them, but usually not all). There are also first-time buyer programs and other specialized lending options like VA (if you served/active), etc. It’s also not always a good idea to start with an SFD where you are responsible for everything (roof, plumbing, etc). It’s easier to do a condo first and get the hang of it/build some equity. If you can do SFD in a given area for $400k, condos are likely half that or cheaper. Beats renting unless you need the ability to move quickly as selling can take a bit of waiting (unless market turns, and then you could be waiting a few years or have to sell at a loss).

asdff 5y ago
In this market sellers will prefer all cash or a traditional loan over these.
- sologoub 5y ago
  Sellers will prefer cash or a stronger borrower in all markets when given the choice - that’s very relational to seek to reduce risk. There are other ways to help craft an offer that could be stronger, including offering better other terms (usually not just the offering price).
  - asdff 5y ago
    Everyone is waiving contigencies and inspections and anything else they can offer already with their cash offer. IDK if you even have any cards left you could play in your hand with a weaker offer that won't also be played by the person with the stronger offer if they really want the house. It's almost like you have to luck out that no one is driving harder than you on the property.