TRANSCRIPTION: There are five sources of down payment closing cost assistance. You can get money from the seller from you retirement from a lender credit you can borrow it from friends and family or you can use state local programs. You can you can combine all these different ways together. It's really awesome. Number one the seller. You can ask the seller to pay some of your closing costs. It's awesome. It comes with some negotiating. Generally if a home has been on the market for thirty days or longer it's a lot easier to ask the seller to pay some of your costs. Now they can't pay your down payment but they can pay your closing costs. The lenders will allow between three and six percent of the sales price to go towards your closing costs. All right so they could pay all of it. Essentially you can borrow from your retirement. I have a lot of clients do it and there's some pros and cons and you should definitely look into it, but you're allowed to pull some money out of retirement and pay your down payment and closing cost with them. Okay you can also get a lender credit. Lender credits are cool because the lenders will give you money towards your closing cost and occasionally they get away with putting some towards down payment which I don't know how they do but sometimes I see it done. So a lender credit basically if you're getting let's say a four percent interest rate. The lender may say hey look if you need some money I'll give you a two thousand dollar credit if you take a 4.25 or if you take a 4.5. So if you take a higher interest rate the lender will allow you a credit of some money hey'll tell you how much towards your down payment closing cost. So you're basically giving the lender a higher payment because you're taking a higher rate over thirty years and they're gonna make more money over 30 years so they'll give you some money up front. Then you can borrow from and family members which if you're fortunate that's great. The lender will allow your friends or family to give you a gift and that gift can go towards your closing costs and down payment if you're fortunate to have a rich uncle who got into some old money. God bless you. You can use state and local programs which Texas has a ton of there are plenty of sources of down payment assistance and closing cost assistance.
Licensed real estate broker with over 20 years of experience in the industry, beginning his career in 2000 as a real estate agent and earning a broker's license in 2010. Known for a strong passion for helping people find their dream homes and negotiating the best deals. Specializing in residential real estate with extensive knowledge of the local market and trends. In 2015, a move to Houston with his family led to the opening of Bruno Fine Properties Inc in 2018—a real estate brokerage serving Spring and surrounding communities. A proud father of five beautiful girls and happily married to Malika Bruno since 2003. Outside of real estate, time is often spent with family, working out, and reading. He's always eager to meet new clients and share valuable market knowledge.