All Forum Posts by: Anastasiia Greca

Update
We went to couple banks in the area and still planning to visit some more. We found couple options that can help us afford our first property. 

FHA loan - 3,5% down payment + PMI + closing costs

Also we found interesting loan at Citizens Bank in Okemos MI - 3,5%down payment + the grant up to 2500$ toward down payment + NO PMI + closing costs

And at last I found MSHDA loan that assist first home buyers with up to 7500$ towards down payment

Im not sure about which one we choose yet. If somebody knows about these loans, I ll gladly listen.
To make our situation clear - Me and my husband work at dead end restaurant jobs, therefore we have no money! We want to start Real Estate to change that. Im trying find a loan on his name, since he has a very high credit score 750+, with 0%-3,5% down payment(we are not qualify for VA loan). So our option is FHA. As far as down payment/closing costs - our plan is get MSHDA down payment assistance/credit card or private loan on my name. I know it might sound absurd. "How can you think about investing, if you have nothing to invest" you might say. But, please, understand that we are intelligent, hard working people, that desperate to get out of poverty. And RE is the only option I see.

@Percy N.No unfortunately my are is not considered as rural to be qualified for USDA loan

Update 
We went to couple banks in the area and still planning to visit some more. We found couple options that can help us afford our first property.
FHA loan - 3,5% down payment + PMI + closing costs

Also we found interesting loan at Citizens Bank - 3,5%down payment + the grant up to 2500$ toward down payment + NO PMI + closing costs

And at last I found MSHDA loan that assist first home buyers with up to 7500$ towards down payment

Im not sure about which one we choose yet. If somebody knows about these loans, I ll gladly listen.
To make our situation clear - Me and my husband work at dead end restaurant jobs, therefore we have no money! We want to start Real Estate to change that. Im trying find a loan on his name, since he has a very high credit score 750+, with 0%-3,5% down payment(we are not qualify for VA loan). So our option is FHA. As far as down payment/closing costs - our plan is get MSHDA down payment assistance/credit card or private loan on my name. I know it might sound absurd. "How can you think about investing, if you have nothing to invest" you might say. But, please, understand that we are intelligent, hard working people, that desperate to get out of poverty.  And RE is the only option I see.

@Tom T.
we went only to one bank so far. they didn't even tell how much ll be the closing cost. We have a really low amount for the down payment (we are shooting for an FHA or 203K loans) but we have a really high credit score!
We are very new in the real estate. Don`t quite understand how everything works.
So, if I understand you correctly, I need try to negotiate with a bank for lower closing cost? I was under impression that it`s someting you negotiate with a seller.

How do you ask seller to pay closing costs?

It include:

- Total bank fees (application fee, lender closing fee, settlement/closing fee, title examination, title insurance,document preparation fee)
- Third party fees (attorneys, insurance agencies etc)

- Estimated prepaid interest and insurance

- Estimated escrow account funds 

Hello everyone!
I started looking up what are the estimate closing costs in my area
and I found a calculator from one of the banks. The result was - estimate closing costs, including prepaid items and escrow account funds, for a fixed 30 year fixed-rate loan could be $6,030!
Is it possible??? I thought it would be about a thousand or so. But not 6000!!! We are struggling to pay the down payment. but if that`s what closing costs are, there is no way we can afford it.

Thank you for the advises!
Going to go to the bank and see what they tell me.

@Nicole Clemens 
When you said contact lender 
Do you mean the bank or a private lander?

I was wondering how much money do you need to start? I understand "The more money you have in your pocket - the better profit you ll get, the more options you ll have to chose from. But I still want to know what is the possible minimum to start.
Me and my husband want to do some house hacking. Specifically we are looking for duplex/3plex. Just the possibility to live for free is very appealing and make extra cash from renting the 3rd unit  (if it`s 3plex ) is very sweet. But unfortunately our funds are really poor. We are a young married couple, working two restaurant jobs and some more jobs on a side. Saving as much as possible. And also we have a very good credit score! So I think we can easy get a nice loan.  So I would like to know what is the minimum, on your opinion, we need to have in our pocket to start? 

Thanks everyone!