prayers needed

[KEYONNAH]

Prayers need for my first home. Having issues with coming up with entire downpayment due to financial setback. My family that said they'd help have now said I'm on my own and to figure it out. I've worked hard to get to this point and don't want to see it blow up in my face. Not sure what to do. :crying::fit::crying:

[BigRedDad]

I hope everything works out for you. Buying a house is not as easy as it once was. I make what I consider a good living. It would take us 6-8 years to be able to save up for a 20% down payment. When we bought, we had a 80-15-5 mortgage. I doubt they do this any longer. We put 5% down, had one mortgage for 80%, and a second mortgage for 15%.

You cannot blame your family for backing out. Everyone is feeling the pinch of this economy. Maybe there is something the lender can do if you cannot come up with the down payment. If not, then you need to start saving more for the next go around.

[KEYONNAH]

I'm only $1500 short. The lender said all we have to do is show it there in my acct and the realtor says we won't need it. It's just a formality. They would have gotten it back as soon as i closed on the house

[diz_girl]

Is there anything you could sell that could help you get to $1,500? Would it take just a couple of month's to save $1,500? If so, maybe delay closing for two months. In this economy, the sellers may be willing to to this. If that fails, maybe you can borrow $1,500 on your credit card and deposit it into your account. After you close, then pay off that amount, plus the interest. If it is for only two months, then the interest should be only $50 if your credit card APR doesn't exceed 20%.

[princessgirls]

I would have to say that $1,500 isn't a huge amount to borrow from a family member, and would be easy enough to pay back, or even to add that amount to the loan. I would hope that wouldn't be a deal breaker.

Buying a home is stressful even when you do have the financial resources... trust me!!

I really do hope that things work out for you.

Julie:mickey:

[KEYONNAH]

thanks for the support and prayers. my younger sister's fiancee has offered to help me as long as i can get him paid back before they are married in may. my older sister has offered to help with any remodeling that would have to be done before i move in.