If you are a first time buyer and have the magic credit score of at least 620, $1500 cash and patience you have no business getting a straight mortgage. Instead you should ask your agent why you haven't been informed of available First time buyer programs? Even if you owned a home in the past but not in the last 3-4 years you still may qualify. Did you know you could get upto $5000 towards closing and a below market mortgage rates. Which simply means you can qualify for more home with lessor payments. In fact the $5000 loan has no monthly payment and only has to be paid back if you sale or refinance your home. Folks there is no reason to come out of pocket $7,000 to $14,000 for closing if you have a knowledgable agent who truly cares about saving you money. There are income restrictions but they are alot higher than you might think.

I use a technique that has saved my clients thousands of dollars everytime. First you need to have a relationship with a very good lender who has access to these programs. Second when you are looking for homes try to find sellers who are willing to help with closing cost. Now if I have a 1st time buyer who decides to make an offer I know I can get them $5,000 towards closing already but I go for more. How you go for more is you ask the seller for a maximum 3% (based on purchase price) towards closing help. So if the price is for example $200,000 the seller would contribute $6,000 towards closing plus my buyer would recieve $5,000 from CDA Money equalling $11,000. Now keep in mind closing cost as a rule of thumb is about 5.5% of the purchase price in this case equalling $13,000 (6.5% x $200,000=$13,000). With this technique I have seen clients cry tears of joy when they get to the settlement table. They can't believe they just purchased their dream home with $26 bucks.  My best deal I ever negotiated was getting my client $1,000 back at settlement for purchasing a home. Folks this technique is real.

 To find out more about this 1st time buyer program and others goto www.karlwynnsellshomes.com and click on "Need closing help?"

If you have any questions about this article you can email Karl@KarlWynnSellsHomes.com