All Forum Posts by: Jacob Rivera

@Harjeet Bhatti I am looking in Monroe county, around Rochester specifically. I reached out to one of the programs & I'm still waiting for a reply. I'm really curious to find out if I can use SONYMA while also in a first time home buyer club.

@Steve Santacroce Thanks for the info sir, I will be researching and looking into SONYMA to see if this an option for me. I absolutely plan to do this as part of a First Time Homebuyers Club. 

@Bob Okenwa Thanks a lot, I was planning to use some of these First Time Home Buyer programs. There's slim pickins in the City of Rochester itself but I'm gonna keep my eyes open. The problem with asking the Seller to pay closing costs is that its definitely a buyers market out here (much like many other parts of the country). People are doing crazy things like buying houses without home inspections and stuff. 

@Steve Bracero Thank you for that rule of thumb, last mortgage broker I met with was calculating a much higher amount of closing costs. Something like $8,000 for an $80,000 house. But that didn't include any of the funds that would come from a 1st time homebuyer grant.

Thank you both for your input, its much appreciated

Hey BP, I'm New to REI and I wanna start with purchasing my first property as a House Hack. Since I would be a first time home-buyer I believe this route has more and advantages in terms of financing and getting my feet wet with rental properties. My concern is I don't have a ton of cash of my own for a down payment & closing costs. I have heard of loans where closing costs are included in the loan itself and don't have to be paid out of pocket. However, I haven't run into many mortgages brokers who allow this option ( I live in Upstate NY). Was wondering if there is a specific loan type that allows this, or if there are specific criteria to qualify for this type of loan?

-Thank You