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Rainmaker
1,057,404
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

By, "Needs all the help they can get", do you mean 'they can't qualify'?

My favorite local loan guy will work with buyers to get them all the options that are available to them.
I basically tell the buyers do everything that T tells you, and he'll let us know when you're ready.

Feb 09, 2018 12:29 PM
Rainer
187,002
Raj Taj
RE/MAX - Lake Bluff, IL
Drive By Blessings!

After the normal process, I would suggest looking under the sofa cushions and in their cars, you'd never know. If still they don't have enough, I would suggest for them to buy a lotto ticket.

Feb 09, 2018 10:32 AM
Ambassador
6,423,485
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

We have a whole stack of lenders here just waiting to help these people out.

Feb 09, 2018 09:59 AM
Rainmaker
5,583,328
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

if they don't qualify for a conventional loan or an fha loan, you may want to contact a hard money source.... once he gets in the house; updates it; and lives there for a few years, he can refinance....

Feb 09, 2018 09:57 AM
Rainmaker
716,529
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Love. That's right love money. Especially the love one that needs never to be paid back - that's the best kind.

That includes money from mom and dad, an early inheritance, a rich uncle.... 

Worst case scenario, maybe a downpayment loan from mom and dad or the rich uncle?

And of course what Ken Jones, ASA, SCGREA said... but that's way too much work and sacrifice for younger people....

Feb 09, 2018 12:14 PM
Ambassador
5,257,583
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I couldn't have said it better than Ken Jones, ASA, SCGREA

Feb 09, 2018 05:48 PM
Rainmaker
2,221,950
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I have a very good lender that cant help find any assistance to first time homeowners.

Feb 09, 2018 04:50 PM
Rainmaker
853,612
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Gifts...

Or the clock:  they need more time to save. 

Feb 09, 2018 02:22 PM
Rainmaker
1,506,773
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'll look under their couch cushions, but that's as far as I go.  Other than that I have them talk to the lender about options and downpayment assistance programs/loans.

Feb 09, 2018 01:48 PM
Rainmaker
5,115,873
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't do anything except refer them to my best lenders who might be able to help with special loan programs if they qualify.

Feb 09, 2018 12:33 PM
Rainer
420,003
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

There are grants, down payment assistance, and gifts available through several non-profits.

Sell electronics on eBay, crafts on Etsy, have a bake sale, I've yet to see someone hold up a cardboard sign  asking for a dollar or two to buy a home- might work, borrow from inheritance, ask your boss, get a night job, walk past Starbucks and make your coffee at home

Feb 09, 2018 12:05 PM
Rainmaker
7,869,880
Roy Kelley
Retired - Gaithersburg, MD

Local grants are often available.

Use the best mortgage financing for a low cash requirement.

Feb 09, 2018 10:29 AM
Ambassador
2,189,772
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Are you asking about Earnest money, downpayment money or mortgage money?

Feb 09, 2018 10:29 AM
Ambassador
3,350,439
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

100% what Ken Jones, ASA, SCGREA said.  He is one smart man!!

Feb 09, 2018 05:13 PM
Rainmaker
577,750
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

If they really don't have enough money for a conventional mortgage, then perhaps they should continue to save until they  have enough without having to borrow any from friends or family.  

Feb 09, 2018 11:51 AM
Rainmaker
290,969
Allie Angeloni
Long Realty - Oro Valley, AZ

I have seen a first-time buyer be very fortunate to get a 'gift' from their grandparents to help with the downpayment, though everyone isn't in that type of situation Annette Lawrence , Palm Harbor, FL 727-420-4041.  Some are already working that second job, though others could cutback on expenses - some find this worthwhile and continue bringing that lunch to work and making their own fancy coffees - while others feel very deprived and consider it a real hardship, even though they are working towards a goal that they themselves have chosen.  It's all about 'choices'!  Personally, I only offer 'choices' and do not look in depth to find them money.

Feb 09, 2018 09:41 PM
Ambassador
2,684,769
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Send them to the Tallahassee Lender's Consortium

Feb 09, 2018 02:20 PM
Rainer
182,965
Harjeet Bhatti
FITH THIRD BANK - Chicago, IL
Home Mortgage Consultant 25 States

Little bit creative and you still have loan for client. Ken Jones, ASA, SCGREA   has highlight all the good options. 

Feb 09, 2018 01:35 PM
Rainmaker
511,064
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

We have a number of Down Payment Assistance programs here in AZ and if they qualify a VA loan is the best deal going for a FTB. Of course, seller contributions can help seal the deal. Maybe schmoozing the appraiser might get you a couple of $ in value.

Sometimes you just need to be creative.

Feb 09, 2018 11:14 AM
Rainmaker
5,244,229
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

In areas where I have worked, some have downpayment assistance programs forgivable over 10 years if you qualify!

Feb 09, 2018 10:13 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

John Bear nailed this one!

Feb 10, 2018 04:21 AM
Rainmaker
2,195,063
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Max Seller Assist 

Feb 10, 2018 03:55 AM
Rainmaker
4,319,773
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Annette Lawrence , Palm Harbor, FL 727-420-4041 - I work with a creative lender.

Feb 09, 2018 09:00 PM
Rainmaker
3,988,013
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

We have several first time buyer programs that will get them in with almost no money down but they have got to have good credit.

Feb 09, 2018 08:40 PM
Rainmaker
3,986,308
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Financing  some 100% loans and maybe a family member

Feb 09, 2018 08:20 PM
Rainmaker
1,325,729
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Ken Jones covered the subject.

Feb 09, 2018 05:59 PM
Rainmaker
1,554,377
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Jason E. Gordon 

Feb 09, 2018 04:48 PM
Rainmaker
249,953
Denise Copeland
Home Sales Palm Beach - Jupiter, FL
Jupiter Abacoa Sales & Beach Front Luxury Homes

See if there are any local / county or city grants fro first time home buyers. I know of a single mom who received $50,000 in grants! It depends on the city and the situation. But it certainly doesn't hurt to search for free money!

Feb 20, 2018 09:47 AM
Rainmaker
637,484
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Closing on one now where the parents are co-signing for the first time buyer. But there are responsibilities to the buyer such as is there enough income to pay the monthly fees, is the credit good? Too often buyers are way to optimistic and then when even one thing goes wrong, the house of cards tumbles.

Feb 14, 2018 03:37 PM
Rainmaker
2,246,135
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Couch cushions, down deep or taking back cans and bottles in a returnable state? The seller gets tapped along with the relatives if they like junior is buying. The 401 K gets visited a lot too. Have the seller take a second for 20 percent, a bank the 80% LTV mortgage or heck, finance the house sale until whatever is keeping them renting disappears and lifts the dark financial cloud surrounding them. This last route is a desperate seller and often has Vegas odds as we stand back and predict the outcome a few months down the road in the pay back is a ... well has a hitch.

Feb 14, 2018 02:55 AM
Rainmaker
5,879,125
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Family can gift them, 40l or retirement funds and we have some first time buyer programs.

Feb 13, 2018 08:20 AM
Rainmaker
5,032,702
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Well Ken Jones, ASA, SCGREA has this answer!

Feb 11, 2018 04:37 PM
Rainmaker
1,242,204
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Behind the cashier counter walking in with a paperbag and a stocking on their faces.

In our area, if you do not have 25% down do not bother. 

Feb 11, 2018 09:07 AM
Rainmaker
1,300,564
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

The mortgage broker he can often give a lender credit, there are also lots of programs which may require jumping through some hoops and attending some classes but may result in a grant or a low interest loan.

Feb 11, 2018 08:40 AM
Ambassador
3,168,134
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

that's not my style.  I generally tell them to tighten their belt, resign their lease, and call me next year when they have a down payment.  I'm not a fan of putting people in a home with no "skin in the game"

Feb 10, 2018 09:50 PM
Rainmaker
5,772,693
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Annette,

Ken Jones, ASA, SCGREA gave you great answers.  A

Feb 10, 2018 02:25 PM
Rainer
225,526
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

First off, you need a plan. Have them talk to your lender and figure out exactly where they stand in terms of being qualified. There are programs like FHA (3.5% down), VA, (0 down) and 30 year convential with 1% down.

Feb 10, 2018 09:00 AM
Rainmaker
1,847,621
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

You should know this at all times as a top agent. I keep abreast of all the new funds which just came out in IL. On top of a good LO, they know everything. Also there are new tips like your employer can now help out.

 

Feb 10, 2018 08:09 AM
Rainmaker
4,434,177
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Ken has answered

Feb 10, 2018 07:27 AM
Rainmaker
4,800,132
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I try to give them their options.

Feb 10, 2018 06:40 AM
Rainmaker
4,966,057
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

We are lucky to have chaf and a couple of city that give seconds to help.

 

Feb 09, 2018 04:16 PM
Rainmaker
1,712,876
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The seller for closing cost assistance.

Feb 09, 2018 04:04 PM
Rainmaker
902,368
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Their parents.

Feb 09, 2018 03:32 PM
Rainmaker
4,583,784
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Family.  Preferably theirs and not yours. 

Apr 01, 2018 09:30 PM
Rainmaker
544,014
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Plenty of downpayment loans and grants out there

Feb 25, 2018 01:00 PM