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Rainer
246,845
Ken Jones, ASA, CRES
Institute of Real Estate Technologies - Newark, NJ
Kenneth J. Jones

Annette Lawrence , Palm Harbor, FL 727-420-4041 My comment assumes you're asking about downpayment funds, not mortgage funds.

I don't do anything to get them money.

But, I will make the following suggestions to them about where they can try to get money:

1. Sell items they really don't need; maybe that 2nd car or some memorabilia, etc.

2. Hit up mom and pop or rich uncle Pete for some help.

3. Borrow against life insurance policies.

4. Sell some stock.

5. Cash in those "baby" Series E bonds.

6. Take a loan from your IRA or 401k.

7. Stop eating out 5 nights a week.

8. Get rid of anything that's costing you money that you REALLY don't NEED.

9. Take an extra part-time job.

And, when you've done all that, let's get together and see where you stand.

Feb 09, 2018 11:25 AM
Rainmaker
529,442
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
113,771
John Bear
RE/MAX - Lake Bluff, IL
I'm Too Busy For Your Referrals!

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
3,213,390
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - 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
4,072,178
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

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
564,355
Richard Bazinet /MBA, CRS, ABR
AZuRE Team - Realty ONE Group - 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
2,349,427
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

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

Feb 09, 2018 05:48 PM
Rainmaker
470,268
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
491,167
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
1,006,683
Ryan Huggins - Thousand Oaks, CA
www.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
2,218,473
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill 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
170,243
Caroline Gerardo
Eagle Home Mortgage, LENNAR HOMES Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady

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
4,401,439
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Local grants are often available.

Use the best mortgage financing for a low cash requirement.

Feb 09, 2018 10:29 AM
Rainmaker
820,000
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

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

Feb 09, 2018 10:29 AM
Rainmaker
2,523,183
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

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

Feb 09, 2018 05:13 PM
Rainmaker
507,332
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
190,368
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
1,924,566
Fred Griffin
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
84,070
Harjeet Bhatti
MB Financial Bank - Schaumburg, IL
Home Mortgage Consultant 44 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
49,834
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
2,479,003
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

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
2,738,413
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

John Bear nailed this one!

Feb 10, 2018 04:21 AM
Rainmaker
1,660,720
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Max Seller Assist 

Feb 10, 2018 03:55 AM
Ambassador
3,719,121
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

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

Feb 09, 2018 09:00 PM
Ambassador
3,489,536
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

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
3,433,333
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
492,530
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
746,548
Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

Jason E. Gordon 

Feb 09, 2018 04:48 PM
Ambassador
2,665,172
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
1,323,406
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

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
2,455,240
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
Ambassador
1,307,001
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
644,118
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
41,618
Denise Samouilidis
Mirsky Realty Group - Palm Beach Gardens, 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
463,482
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
1,838,909
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
3,344,341
Joan Cox
Metro Brokers - 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
3,293,099
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Well Ken Jones, ASA, SCGREA has this answer!

Feb 11, 2018 04:37 PM
Rainmaker
812,513
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
603,896
Nick & Trudy Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtors, Philly Main Line

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
Rainmaker
3,540,599
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

Annette,

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

Feb 10, 2018 02:25 PM
Rainer
125,864
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
3,823,795
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
4,052,357
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