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-> Household Management
amother
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Sun, Sep 21 2014, 4:24 pm
Hi. We are looking for a Gemach or loan society of some sort in the NJ area for the purpose of a first-time mortgage's closing costs. I have absolutely no idea who to reach out to. Any thoughts?
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doctorima
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Sun, Sep 21 2014, 5:29 pm
Never heard of a gemach specifically for that purpose, as opposed to just a general money lending gemach. Some people just take closing costs out of their mortgage.
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amother
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Sun, Sep 21 2014, 5:35 pm
If you cant afford closing costs and are looking for a gmach to loan you money for that then perhaps you might not be ready to buy a house. A lot of extras go into buying a house and not just closing costs.
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nyer1
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Sun, Sep 21 2014, 7:20 pm
I have to agree with the above post. If u can't afford closing closets, rethink buying a house. Ur clearly not ready.
That being said, we put our closing costs Into the actual loan but ours was a very small amount because we put down a significant down payment on a very affordable home
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amother
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Sun, Sep 21 2014, 7:45 pm
amother wrote: | If you cant afford closing costs and are looking for a gmach to loan you money for that then perhaps you might not be ready to buy a house. A lot of extras go into buying a house and not just closing costs. |
I don't agree. You have to put down thousands for closing costs, and a mortgage is only $1000 where I live, and that we can easily afford. So the big step to over come is the closing costs. The only thing is legally your not allowed to borrow money for it, it has to be yours or a gift so it'll be very hard for a gemach to give money for that. We tried, and that's what we were told.
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goforit
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Sun, Sep 21 2014, 7:52 pm
amother wrote: | Hi. We are looking for a Gemach or loan society of some sort in the NJ area for the purpose of a first-time mortgage's closing costs. I have absolutely no idea who to reach out to. Any thoughts? |
Where are you? There are programs for first time home buyers. Cope from agudah has a plan. You need to fit an exact criteria. Call them.
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amother
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Sun, Sep 21 2014, 8:01 pm
amother wrote: | I don't agree. You have to put down thousands for closing costs, and a mortgage is only $1000 where I live, and that we can easily afford. So the big step to over come is the closing costs. The only thing is legally your not allowed to borrow money for it, it has to be yours or a gift so it'll be very hard for a gemach to give money for that. We tried, and that's what we were told. |
How can you borrow and not disclose this? The reason they don't want the closing costs borrowed is because you have to pay them back. Plus you will be paying taxes and insurance.
As an attorney I did thousands of closings. When I did closings for couples who I suspected borrowed the money to pay closing costs or the down payment, I often represented them in bankruptcies around 6 months later. There are reasons these guidelines are in place.
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The Happy Wife
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Sun, Sep 21 2014, 8:03 pm
amother wrote: | I don't agree. You have to put down thousands for closing costs, and a mortgage is only $1000 where I live, and that we can easily afford. So the big step to over come is the closing costs. The only thing is legally your not allowed to borrow money for it, it has to be yours or a gift so it'll be very hard for a gemach to give money for that. We tried, and that's what we were told. |
I agree that that closing costs can be overwhelming. There are organizations that give money for closing, and it's done as an interest free loan.
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amother
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Sun, Sep 21 2014, 8:09 pm
amother wrote: | How can you borrow and not disclose this? The reason they don't want the closing costs borrowed is because you have to pay them back. Plus you will be paying taxes and insurance.
As an attorney I did thousands of closings. When I did closings for couples who I suspected borrowed the money to pay closing costs or the down payment, I often represented them in bankruptcies around 6 months later. There are reasons these guidelines are in place. |
We didn't borrow money in the end, the gmach wouldn't let us. In the end we waited a little and then used some tax return money, and used some of your savings for the rest. Just wanted to point out legally you can't borrow money for the closing costs. We even needed a letter or proof where the money came from to make sure we didn't borrow it.
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amother
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Sun, Sep 21 2014, 8:11 pm
amother wrote: | Hebrew Free Loan Society may help you with some of it.
http://hfls.org/ |
If you tell them it's for a house they won't let you. Legally you can't borrow money for the closing costs. (Maybe it's only in my state though)
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amother
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Sun, Sep 21 2014, 8:37 pm
amother wrote: | We didn't borrow money in the end, the gmach wouldn't let us. In the end we waited a little and then used some tax return money, and used some of your savings for the rest. Just wanted to point out legally you can't borrow money for the closing costs. We even needed a letter or proof where the money came from to make sure we didn't borrow it. | [quote]
I really resent you using my savings.
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amother
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Sun, Sep 21 2014, 8:37 pm
amother wrote: | If you tell them it's for a house they won't let you. Legally you can't borrow money for the closing costs. (Maybe it's only in my state though) |
Is federal if it is a government loan.
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amother
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Sun, Sep 21 2014, 8:43 pm
[quote="amother"] Quote: |
I really resent you using my savings. |
Hahaha! I noticed that mistake but couldn't edit amother!
Thank you, I really appreciate it! 😜
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