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There are all sort of programs for first time buyers. We just closed on a house we sold to a 30 something single man who had only 45,000 as down payment on a 670,000 home. It was a pocket sale and that he bagged us to sell it to him. My agent check him out and the loans people said he's solid and the loan will fund even though he's only putting little down. He wanted the house badly, so we decided to not listed on the MLS for a bidding war. We feel pretty good about giving the house to him without listing it on the open market. Plus, he paid top of the market value so we really can't refuse. I believe its a FHA loan. Randy any tips on that? How do they qualify for something like that? When I purchased my home, it was 20% down to insure the 100% positive on the funding of the loan and that there's no freaking PMI. I didn't want to be house poor and eat Cup-o-noodles for dinner.
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