Home >>
Credit Repair Forums >>
First time buyer (home)First time buyer (home)
Omega blood said: "Can some one point me to info on first time buyer programs and what else is out there to be taken advantage of for a first time home buyer."
anchorbob said: "Have you checked with your local banks at all? They usually will bend over backwards to help finance new home-owners."
Omega blood said: "Thanks Bob. I won't actualy be buying anything for a while. I just wanted to get informed so I can get every advantage that I can."
anchorbob said: "For sure. The local banks are worth talking to. They may also have some deal with Government backed mortgages for first time buyers where you can get excellent deals."
David said: "[QUOTE=anchorbob]For sure. The local banks are worth talking to. They may also have some deal with Government backed mortgages for first time buyers where you can get excellent deals.[/QUOTE]
Bob,
your job is to find all the assistance programs that people can tap into for new homes.. LOL"
TommyV said: "I am in the same situation. I want to buy my first home but don't have 20% down becasue that would be about 60k and that's about what I make a year and I'm only 29 so I havent had all that much time to save.
I have about $5000.00 saved. I contacted my credit union and they'll do a loan for 3% down. Problem is I am looking at a multifamily that is about 325k so that 3% comes out to 9k.
I am supposed to go in and meet with the CU people. Maybe they will loan me 4k as a second mortgage. If not, I'll keep saving.
There is a cool book called Mortgage 101 that I got from Amazon that has a lot of info in it."
DonM said: "Your Best bet is with a Credit Union. They are more family oriented than other lending institutions. They have some of the best rates--at least in my opinion. They arent no worse than anyone else. PLUS, the upside of a CU is that you can go to them and talk face to face and not over the phone 3000 miles away. If your in a financial situation, they are more willing to cut you some slack-to a certain degree.
When I filed BK7 years ago, I found a way to pay them instead of including them in my BK. They helped me get back on track after BK by giving me small loans(500)(6000)(7500) and I paid them all off within a year to re-establish my credit. I have a great Credit Union."
MortgageMan said: "There are loans out there that will get you 100%, even on a multifamily (up to 4 units). The rate is higher, but if you don't have the cash to put down they can help. If you do borrow 100% look at it as a temporary loan. Refinance with in a few years when the property has appreciated. Even with rising rates chances are that you will get a lower rate then your original loan.
Also, use seller concessions when you are low on cash. Lenders usually allow you to take about 3%(depending on the lender) back from the seller to pay for closing costs.
You will probably have to speak to a mortgage broker or banker to get 100%. I am not sure banks and CUs offer them."
FICOdemon said: "Where I'm at 80/20 loans are popular. With property appreitation around 15% the last few years it doesn't make sence to try to save up for a %20 down payment, so some creative mortage brokers are even doing the 80 as an interest only with a 20 on a 10 year note. The idea is that you can refi everything in two to three years, and because of the property appreiation, be well under 80% loan to value..."
jayb said: "i need to start lookiing into buying my first home as well.. Know nothing about it. i will be vested in calpers soon.. public employees 100% backed loans.. not sure how that works but something i will have to start researching as i have no money for a down. depleted my savings while on workmans comp this year. the housing cost in my area has reached an all time high and is leading the nation in value increases. houses that cost $150k 3 years ago.. are now going for about $325k and up. thinking it wil have to top out soon and start coming down."
TScott said: "We are looking into our first home too (hopefully in about a year). Thats one of the main reasons we are really trying to clean up our credit.
I am so clueless about this. I seems really complicated and intimidating. The average cost of a home the size we want is also in the 300K range..........ugh :eek:
We might be able to get a VA backed loan but...............I don't know how it works.
Putting my energy and reading into credit issues first. Otherwise I just might end up with high blood pressure.........haha
If anyone can offer any good advice or links to check out (like homebuying for dummies), that would be great.
The sites I've looked at just seem really confusing to me right now."