Does anyone have any recommendations of first time home buyer grants or down payment assistance programs for New York State?

Wondering if I should just wait until rates drop and refinance into the LLC or do the quit claim deed (and no HELOC) and just save up for my down payment for the next property.

In addition to your down payment, plan for closing costs (around 2-5% of the purchase price) and set aside at least 3-6 months of expenses for repairs, maintenance, and vacancies.

Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.

My question is, since we may not need to borrow anything to finance this, will the mortgage payment be affected? 

With down payments, improvements, commissions, title work, holding costs etc....

When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out.

Just make sure to run the numbers with the HELOC payment and the rent, so that you are not underwater every month.

If your loan is $110K then the payment on the 15 year would be $927/month at 6.15%; 30 year option at 6.625% would be $690.

I wouldn't worry about the $1000 payment.