It depends on the price of home that you are searching. If you are looking for a home in the low $300's or lower, then it is still possible to get 100% financing easily enough with the credit score you are reporting. Please visit us at http://www.atlantachoicerealtors.com and visit our Cash Buyer Bonus program that will describe to you our Buyer Agent program and the opportunity for you to receive up to 50% of the Buyers Agent Commission back to you after the close of the home. You can use this anyway you would like as it is in the form of a Pre-Paid VISA card.

We can definitely get you into a home, and from the looks of your credit score, we have the lender referrals to get you in at no money down. Call us anytime at 770-886-1881 or visit us online.

If you do not yet have a Realtor, check out http://www.joeburchfield.com and click on "Buyer Rebate"... Can you imagine getting cash back at closing?!?! Also, I've got VERY reputable loan officers you can meet with under NO obligation. Thanks, Joe

Depending on your income you may qualify for an interest free 2nd mortgage.
This is a State back program that will pay your down payment up to $20000 down with -0- interest and you don't have to pay it back unless you sell the home in the first nine years.

Julie Oliver
Mortgage Investors Group
423 285 0516

FHA will require 3.5% down in Oct. Until then, 100% is available. Based on your scores, you should qualify.

If the housing bill gets signed (signed by the senate yesterday) then the ameridream and the nehemiah down payment assistance programs will be gone by then. So the the short answer in all liklihood would be to save your money for that down payment. You can also get your down payment from friends, family, and other means.

The question might also be, why wait. In many cases, we can get the seller to help you pay to break the lease if you are renting.

Bottomline, there are too many variables that are not known about your situation. Your best bet is to call someone like Theresa Laine (a Mortgage Broker) and have her walk you through the details. You can reach her at 770-891-4121

It sounds like you can do an fha loan with an ameridream gift program.

Kelli,

I'm working with several first time buyers in your same situation. I have found them great deals on nice HUD homes. These are foreclosures owned by the department of Housing & Urban Development.

HUD gives priority to buyers planning to live in these homes over investors trying to make a buck. You can also find a home and pay as little as $100 down to purchase it.

These are some of the best opportunities out ther for buying a home and the homes are vacant so you can purchase and move in within 45-60 days!

As I mentioned I work with many people in your situation and I"m very familiar with the HUD buying process. It's very easy and you can find a great home at a great price.

James Dudley
ERA Sunrise Realty
678-781-7418
james.dudley@era.com

Hi Kelli,

The down payment assistance programs from the sellers will be gone on October 1, 2008. if you are looking to utilized one of these programs then you must act more quickly than you indicated. If you have a relative that is going to gift the down payment to you then you will be OK with your 4 month time frame. I live and work in Lawrenceville, so if I can help please feel free to contact me.

Hi Kelli-

You've received a lot of great advice from other agents in this forum. You probably have your reasons but I was curious to know why you want or need to wait 4 months?

Consider that while inventories have been higher this year from past years, many sellers will withdraw or remove their listings for the holidays and potentially wait until Spring or Summer to re-list, thereby reducing the selection of homes to choose from.

It sounds as though you are a good candidate to take advantage of one of the several gift programs that are currently available and that you will need such in order to purchase a home. If you wait, these programs could change or be eliminated all-together. In addition, with on-going troubles at Fannie Mae & Freddie Mac as well as the long list of mortgage lenders whose name is on a "watch liist" for possible failure, buyers are likely to be in for more stringent qualification and documentation requirements.

If these things happen, what would you do for housing? Stay where you are now? Rent? Move in with relatives? Food for thought... Best wishes - Ted

Kelli,
While FHA is currently the only lender with 100%, this will be vanishing soon. Additionally, keep in mind the continued restrictions on credit limits where even a 690 gets very close inspection. There is an organization called Nehemiah that currently provides down payment assistance. Try their web site http://www.getdownpayment.com. You can see if there are any home owners in Lawrenceville signed up under this legal method of down payment assistance, but act fast as it looks like this too will become a thing of the past. There is also a governmental program that may help you called NACA. I agree with the other agents, if you can qualify - don't wait, act.

As of today, there are down payment assistance programs available for FHA borrowers. Your agent will need to be careful to structure an offer (using all of the necessary contract language and special related Addendums) in such a way that the SELLER contributes the down payment on your behalf.

This would be perfect for you, except for your TIMING! The FHA has just introduced new guidelines that will be effective October 1. One of the things they are changing is that they are eliminating seller-assisted down payment programs.

There are other programs out there that MAY work for you--Georgia Department of Community Affairs (GA Dream program), USDA, etc. even after the new guidelines go into effect on October 1. However, I recommend that you act now to understand what your eligibility might be, before AND after October 1, so that you are able to make a well-informed decision on what your next move should be--and when.

Best of luck to you!

Jackie Campbell
The Campbell Team at RE/MAX Results
678-416-2326

Kelli,
The buyer assistance program referred to is called Nehemiah. There are no clear credit restrictions and it's grant money, so truly, "gift" money to assist you in buying a home. You can go to their website at http://www.getdownpayment.com and read about how to move forward on something like this. There are rumors (as stated previously) about this funding going away, so it would be best to act sooner, rather than later.

Let me know if you could use some help navigating the waters.

Kelli - I heard that Congress just passed a new law eliminating 100% financing for most people, now you will have to come up with 3% of your own money, unless you go FHA or VA, but I think these are included too, I have not yet seen the provisions of the bill, but you might want to check with a good lender about this. Call Tenley Stephens of Suntrust 770-393-3200, she works in our office, Prudential Georgia Realty at Perimeter North Office, and Tenley should be able to assist you.

If you can come up with the down payment, depending on what Tenley tells you, call me and I can help you find a home as a Buyer Agent

Ed Francell
Prudential Georgia Realty
770-633-7576

Kelli,
Please contact Liz Taylor with Sun Trust, she can be reached at: 770.527.7900 with 18 years of experience and a straight shooter, she will best assist you. If I can be of further assistance, please do not hesitate to contact me anytime. Please ensure you are represented.

There currently is 100 percent FHA money available with a buyer assistance program but there is a lot of noise going on right now that it will be going away soon. I am working with a buyer in somewhat of the same situation and we have strongly suggested to them to go ahead and get approved and be moving toward buying a home. I would give the same advice to you. Any questions you may have please feel free to call on me.