What options are there for buyers with little money down and no cash for closing costs?
These options will vary greatly depending on your credit score. For clients with excellent credit, 97% loans are typically available. Depending on your annual income, community homebuyer programs are available that offer more flexible qualifying guidelines for those families earning below the median income in your county. To help with cash for closing costs, you may wish to negotiate with the seller for them to contribute up to 3-4% of the sale price to your closing costs, and depending on the program, you may also obtain a gift from a family member. Each program has specific requirements, and is subject to qualification.
