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Any down payment help for second mortgage?

I have 4% right now, and would rather not go through FHA. Are there any down payment assistance or other options I could pursue? The house will be in Laughlin FYI by jwiltern435543806 from Albuquerque, New Mexico. Nov 11th 2014 Reply


Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 396 contributions

I presume you mean Laughlin, NV? 'DPA' programs are usually provided through the state where the property is located. I expect a NV lender will respond to your question and they should be able to help you. I am in Albuquerque and licensed to do business in NM only but I do have a 5% grant available. If you or anyone you know is interested in more detail, please contact me at csparks@pcmloan.com or 505-350-3745. Thank you, Charlie Sparks, NMLS# 195031

Nov 11th 2014
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Your best bet is to contact your local community bank and ask the loan officer if they have "down payment assistance" programs available. Normally the down payment assistance is either government or non profit based- For more info e-mail me at pete.bass@everbank.com

Nov 11th 2014
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Gina Bell (GinaBell)
#8 ranked lender in New Mexico - 26 contributions

I am a local mortgage broker serving the great State of New Mexico. Our down payment assistant (DPA) programs are state specific. Hopefully, a Nevada lender will be able to provide information regarding their state DPA programs. You only need 5% down for a conventional loan, and you are so close. Tax season is approaching, perhaps a tax refund would provide a source for the additional 1% or a secured loan. Other sources are also available with conventional loans that you may want to inquire about with a Nevada lender. Good luck to you.

Nov 11th 2014
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Yes my location must have drawn a lot of NM lenders, I'm sorry about that. If the 5% grant is a route down the line would I qualify with 691 credit though?

Nov 11th 2014
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 396 contributions

Yes, we only require a 640 mid score for 5% grant.

Nov 11th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

Every area in the country has some sort of grant or down payment assistance program, so it's best you contact a local mortgage professional or a local real estate agent.. they would be the one's most familiar with them. Also, conventional does allow gifted funds, so a family member can give you the additional funds required. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 12th 2014
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