This is the last section of this blog thanks to Barb Corcoran...
III. How to Get the Financing the Buyer Needs
1. Order the house appraisal first. The appraisal may come in lower than the price you plan to bid!
2. Ask the seller to pay part of your closing costs. It reduces the cash you need up front.
3. Ask not-for-profit organizations about financing. They're good advocates for consumers who otherwise get overlooked or taken advantage of by major banks and mortgage companies. Check out NACA (the Neighborhood Assistance Cooperation of America), NHS (Neighborhood Housing Services) and Acorn.
4. Review your own credit report early. Correct any errors in the report and fix everything possible before you shop for a home.
5. Ask for owner financing. Many older homeowners are not buying another home and like the idea of a steady 5% return using their old home as collateral.
6. Ask for a family contribution. Many parents are very happy to help the first-time homebuyer and their grandchildren secure their first home.
7. Pre-qualify for financing with your lender or mortgage broker before you begin your search.
8. Don't take "no" for an answer. If you're turned down by a local bank, you may still be approved by a national mortgage lender. If you're turned down by a national lender, you're often approved by your local bank.