Usually some Future Home Owners with 640 + credit score can not buy a home for lacking the ability to save for closing costs and down payment or they have high debt to income ratio(Due to toys they have collected thru time such as boats, jet skis, wheels, etc.)

1)  If you served your country and have a DD 214 you can qualify for 0 Down and can receive 4% seller contributions towards closing costs and the mortgage can be up to 417,000. Gift allowance from Parents of $1400 ea with a letter saying so.

2) If you want to buy a $225,000 home with a FHA loan 4.25% fixed for 30 years you will need to have 3.5% down payment or $7875 and your closing costs might be approx $10,000. To come up with the down payment you can borrow money from your 401k and you can ask seller for up to 6% seller contribution towards closing costs or $13,500. You can also receive a Gift contribution from your parents for $1400 each or $2800.This should be enough for buying the home!. Also, you can get a part time job, sell a Second Car, Motorcycle, Boat or Jet-ski, Jewelry, Firearms, use income tax refund received, loan money against your 401k(most plans allow it). etc. and doing this will help you to get your home keys.

Finally, with the money you will be saving from rent (the rent you used to pay of $1,700 per month) you can buy anything you gave up later.

3) As a Realtor, it is not the first time nor the last that I have asked the Seller of the home to pay for the closing costs of the Buyer(my client). This way the Buyer needs to concentrate on meeting the Down Payment only. Examples for the FHA loan the maximum seller contribution is 6%.of sales price. If you are using a conventional loan the max contribution changes to 4% of sales price and a 4 % or more usually covers all closing costs.(On ocassions sometimes 3% covers all closing costs).

For more info buying/ Selling/ Renting a home you can reach me at:

Eduardo Polack

(832)-403-0150

Elite Texas Properties Realtor

pilar_eduardo@hotmail.com